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At 9:01 a.m., the partially convertible rupee was at 49.35/37 per dollar, a level it last tested in early December, and weaker than Tuesday's close of 49.20/22 per dollar.
Indian shares shed 2.45 per cent on Tuesday on concerns the fragile state of the world economy could force investors to cut exposure to riskier assets.
Foreigners have sold shares worth about $660 million this month, after selling more than $13 billion in 2008.
Sterling hit a 7-˝ year low against the dollar and the euro touched a 6-week trough on Wednesday on rekindled concerns over losses in the UK banking sector and a deepening recession in the euro zone.
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