The rupee plunged by 30 paise to hit a 19-month low of 68.54 against the US dollar in early trade today on strong month-end dollar demand from importers and banks amid sustained foreign capital outflows.
This is the rupee's lowest level against the greenback since November 29, 2016.
The dollar's strength against some currencies overseas weighed on the local unit but a higher opening of the domestic equity markets capped the losses, traders said.
Foreign portfolio investors (FPIs) sold shares worth Rs 538.40 crore yesterday, as per provisional data issued by the stock exchanges.
Yesterday, the rupee lost 11 paise to end at 68.24 against the US currency.
Meanwhile, the benchmark BSE Sensex rose by 53.85 points, or 0.15 per cent, to 35,543.89 in opening trade today.