NEW YORK, NOV. 10 -- The stock market took another tumble today, erasing a midday rally in blue-chip issues that analysts traced to President Reagan's comments that he doesn't want further declines in the dollar.

Analysts said traders are sensitive to the possibility that declines in the dollar may drive foreign investors out of U.S. stocks and also are dissatisfied with efforts to reduce the federal budget deficit.

The Dow Jones average of 30 industrials, which fell 58.85 on Monday, lost another 22.05 points to close at 1878.15. It had been down 44 points at midmorning, but pushed a few points ahead of Monday's closing level shortly before 2 p.m.

It then fell steadily in another abbreviated session that ended at 3:30 p.m.

"You still have a lot of nervous people around," said Eldon Grimm, a senior vice president at the Birr-Wilson Securities Inc. brokerage firm.

Declining issues outnumbered gainers by 3 to 1. In the overall tally of Big Board issues, 416 were up, 1,277 down and 305 unchanged. Volume on the Big Board came to 184.31 million shares, compared with 160.69 million shares Monday -- only the third time in the past four weeks that trading volume was below 200 million shares.

Market watchers said a strike today by clerical workers against the NYSE appeared to have little effect on trading activity.

Exchange spokesman Richard Torrenzano said supervisors filled in under contingency plans that also enable the exchange to function during crises such as hurricanes and snowstorms.

Wages are not at issue in the strike, but the union has insisted on a substantial improvement in pension benefits. Torrenzano said the union had sought retirement at 55 at half pay, a request he termed unrealistic. A typical NYSE floor reporter earns about $36,500 a year.

Among the most actively traded issues, General Electric fell 7/8 to 43 3/8, American Telephone & Telegraph was down 1/8 at 28 1/2, International Business Machines Corp. was off 3/8 at 117 3/4, and American Express fell 1 1/2 to 22 1/2.

Retail stocks were lower as some analysts have expressed a somber outlook for Christmas shopping.

Sears fell 1 1/4 to 34, J.C. Penney was down 1 1/8 at 42 1/4 and K mart was down 1 1/4 at 27 3/4.

The automobile stocks also fell, with General Motors off 5/8 at 57 3/8, Ford down 1 5/8 at 71 3/4 and Chrysler off 1 3/8 at 23.

Nationwide turnover in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 209.80 million shares.

The NYSE index was off 2.29 at 134.06.

Standard & Poor's index of 400 industrials fell 4.81 to 272.28, and S&P's 500-stock composite index was off 4.17 to 239.00.

At the American Stock Exchange, the market value index fell 5.25 to 244.54.

The NASDAQ composite index for the over-the-counter market closed at 315.19, down 5.24.