The rupee dropped tracking weak equities, which fell after worries in Greece and Spain re-surfaced. The rupee was trading 53.56 against the dollar, down 20 paise over Tuesday's close.
Markets believe that the currency is likely to remain volatile, as swings in equity markets on account of the European crisis weigh on the markets.
Meanwhile, falling crude prices also augurs well for the rupee. The India crude basket has dropped over the last few trading sessions on decline in the currency and drop in crude prices internationally.
A surge in foreign fund flows into the capital markets has also helped the rupee as the reforms have seen fresh dollar inflows.
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