Dealers attributed the rupee's weakness to dollar gains.
The rupee had gained 2 paise to close at 66.33 in Tuesday's trade.
The recovery in equities in the early session capped the rupee's fall.
IT stocks on Wednesday rose as much as 3 per cent in an otherwise weak stock market after sentiments turned buoyant amid the rupee sinking to an all-time low of 60.35 against the dollar, as the stronger US currency boosts the sales of software firms in rupee terms.
The US dollar turned expensive against a basket of global currencies which hit the rupee sentiment
Investors will remain cautious ahead of F&O expiry.