Brent crude futures, the global oil benchmark, tumbled 2.28 per cent to $68.51 per barrel

Sliding for the second straight day, the rupee lost 14 paise to close at 69.83 against the US dollar on Wednesday as investors sought safe-haven currencies like the greenback and yen amid global growth concerns. The rupee has now depreciated by 32 paise in two sessions. Forex traders said persistent foreign fund outflows and a sell-off in domestic equities kept pressure on the local currency. However, easing crude oil prices cushioned the fall.

Globally, the dollar and Japanese yen strengthened after the 10-year US bond yields slipped below the 3-month rates -- which is considered a leading indicator of a recession.

At the interbank foreign exchange (forex) market, the rupee opened weak at 69.77 and fell further to touch the day's low of 69.99. It finally ended at 69.83 per dollar, down 14 paise against its previous close of 69.69.

Brent crude futures, the global oil benchmark, tumbled 2.28 per cent to $68.51 per barrel.

On the global front, the Donald Trump administration on Tuesday removed India from its currency monitoring list of major trading partners, citing certain developments and steps being taken by New Delhi which addressed some of its major concerns.

Switzerland is the other nation that has been removed by the US from its currency monitoring list which, among others, include China, Japan, South Korea, Germany, Italy, Ireland, Singapore, Malaysia and Vietnam.

Meanwhile, foreign institutional investors (FIIs) pulled out Rs 304.27 crore on a net basis on Wednesday, provisional data showed.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.07 per cent to 98.02.

Government bonds rose, leading to 0.28 per cent drop in the yield to 7.13 per cent.

Snapping its three-day rising streak, the BSE Sensex dropped 248 points on Wednesday led by losses in banking, metal and auto stocks amid weak cues from global markets.

After slumping over 300 points, the 30-share index ended 247.68 points, or 0.62 per cent, lower at 39,502.05. Likewise, the broader NSE Nifty shed 67.65 points, or 0.57 per cent, to finish at 11,861.10.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.6142 and for rupee/euro at 77.8574. The reference rate for rupee/British pound was fixed at 88.2792 and for rupee/100 Japanese yen at 63.59.