The rupee recovered a bit from opening lows, falling 12 paise to 68.16 against the US dollar.
It declined 25 paise to hit a fresh 16-month low of 68.29 per dollar in opening trade ahead of the minutes of US Federal Reserve's last policy meet scheduled to be released later in the day.
The greenback strengthened against most global currencies as investors await hints on the pace of further US monetary tightening amid sustained capital outflows, forex dealers said.
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