The rupee was last trading at 62.86 against the dollar, down 29 paise over Wednesday's close.
The Indian currency is likely to move in tandem with news emanating from the US regarding the Fed's bond buying programme.
Meanwhile, Indian markets were trading with deep cuts with the Sensex down 232 points in trade.
Markets in Asia were trading mostly lower after the Fed Minutes were revealed. Only the Japanese Nikkei rallied after the Yen fell against the dollar.