The rupee hit 68 to the dollar for the first time since Sept 2013, due to heavy demand for dollars from foreign funds.
The rupee was last trading at 68 to the dollar, down 35 paise over Tuesday's close. Check and convert currency rates
This has resulted in a sharp sell-off in equities across the globe, largely due to redemption pressure from sovereign wealth funds across the globe.
This has also impacted the rupee in the interbank foreign exchange market. Meanwhile, the Sensex was trading with losses of a huge 434 points, threatening to pierce the 24,000 levels on the downside.