Rupee weakens by 33 paise

Sustained demand for the dollar further weakened the Indian rupee to 46.54/55, lower by 33 paise from its last close, against the greenback amid a meltdown in global stock markets.

Foreign exchange dealers said oil refiners and foreign banks continued with their hectic dollar buying of the last few days amid the continuing uncertainty over the 700 billion-dollar package to rescue the shattered US financial markets.