MUMBAI (Reuters) - The BSE Sensex and the Nifty fell more than 2 percent to their lowest intraday level in nearly a year as blue chip stocks including ITC slumped after the rupee hit a record low and on growing concerns that US Federal Reserve may start tapering its monetary stimulus in September.
The Indian rupee weakened past 64.13 per dollar to hit a record low as heavy dollar buying by large state-run banks, along with demand from custodian banks, hurt the local currency on Wednesday.
ITC slumped 5.3 percent while Reliance Industries fell 4.8 percent.
The BSE Sensex fell 2.09 percent, while the 50-share Nifty slumped 2.13 percent, after earlier gaining nearly 2 percent on RBI steps to ease cash, bond holding rules.
(Reporting by Abhishek Vishnoi; Editing by Anupama Dwivedi)
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