The rupee on Wednesday lost 14 paise to end at Rs. 58.77 against the dollar on sustained demand for the US currency from importers amid negative local equities.
A slowdown in capital inflows also weighed on the rupee sentiment, forex dealers said.
The dollar index was almost flat against its major global rivals.
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At the Interbank Foreign Exchange (Forex) market, the domestic currency resumed lower at Rs. 58.72 from last close of Rs. 58.63.
The rupee between Rs. 58.68 and Rs. 58.87 before concluding at Rs. 58.77, a fall of 14 paise from its previous close.
The BSE benchmark Sensex meanwhile snapped four days of bull run on election euphoria to end the day 78.86 points lower at 24,298 due to profit-booking.
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The benchmark six-month premium payable in October moved to 203.5-205.5 paise from 205-207 paise previously.
Far-forward contracts maturing in April, 2015 also dipped to 420.5-422.5 paise from 426-428 paise.
The Reserve Bank of India fixed the reference rate for dollar at Rs. 58.77 and for the euro at Rs. 80.56.
The rupee dropped further against the pound to Rs. 99.30 from Rs. 98.69 previously. It, however, fell back slightly to Rs. 80.37 against the euro from Rs. 80.32. The rupee also turned negative to end down at Rs. 58.14 per 100 Japanese yen from Rs. 57.85.