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By 9:07 a.m. (0337 GMT), the partially convertible rupee was at 61.60/61, after hitting 61.70, its lowest since March 5.
Traders said they expect the central bank to step in and sell dollars to limit volatility if there is further downward pressure on the local currency during the session.
Asian shares tumbled as investors sought out safe-haven assets on growing fears that conflicts in Ukraine and the Middle East could sap global growth, extending losses after U.S. President Obama said he had authorized air strikes in Iraq.