However, a weak dollar in global markets helped the rupee limit its losses, dealers said.
The rupee opened weak at 64.38 at the interbank forex market against its previous close of 64.28.
The rupee moved in range of 64.29 to 64.38 in early deals before trading at 64.33, down by 5 paise, at 0930hrs.
Foreign investors pulled out a net Rs 1,022.50 crore from stocks yesterday.
Yesterday, the rupee had lost 4 paise versus the dollar to end at 64.28 after RBI sounded a more hawkish tone amid upside risks on inflation.
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