The rupee today dropped by 29 paise to trade at 64.36 against the US dollar on frenetic dollar demand from importers and banks.
Dealers said early losses in domestic equity markets and fresh foreign fund outflows weighed on the rupee.
Yesterday, the rupee had ended with a mere fall of one paisa at Rs 64.07 against the American currency.
The benchmark BSE Sensex crashed by 1,274.35 points, or 3.66 per cent, to 33,482.81, while Nifty tanked by 390.25 points, or 3.65 per cent, to 10,276.30 in opening trade.
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