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The rupee extended falls on Thursday following comments from the finance minister as he failed to announce any clear and strong measures to arrest the sharp decline in the rupee seen in recent weeks.
At 10:26 am (0456 GMT), the partially convertible rupee was at 58.24/25 per dollar, after hitting 58.27 and down further from 58.12 levels before the finance minister started speaking.
The unit had ended at 57.79/80 on Wednesday.
"He speaks about concerns, the market is already concerned and so far there are no definite plans or decisions," said Hari Chandramgethen, head of foreign exchange trading at South Indian Bank.