The rupee on Wednesday lost 14 paise to end at 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.
At the Interbank Foreign Exchange (Forex) market, the domestic currency resumed lower at 58.72 from last close of 58.63.
The rupee between 58.68 and 58.87 before concluding at 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.
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 58.77 and for the euro at 80.56.
The rupee dropped further against the pound to 99.30 from 98.69 previously. It, however, fell back slightly to 80.37 against the euro from 80.32. The rupee also turned negative to end down at 58.14 per 100 Japanese yen from 57.85.