The rupee fell to 61.33/34 after hitting 61.41, its lowest since March 14 and weaker than its 60.8450/8550 close on Tuesday.
Good dollar buying was seen from foreign banks likely on behalf of clients looking to exit their equity and debt investments in India.
The Nifty was down 0.2 percent and will be watched for cues on fund flows.
The pair is seen moving in 61.10 to 61.40 range during the rest of the session.
Most Asian currencies were also trading weaker compared with the dollar.
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