As the euro lost more ground against the dollar, the impact of it was felt on the Indian rupee. It fell down to its two weeks lowest on Wednesday. This can be seen as means of risk aversion and there was decline in Asian stock markets.

The partially convertible rupee ended at 46.70/71 per dollar, off an intraday low of 46.74. This is the weakest level that it has seen since June 29 and was 0.6 per cent lower than Tuesday's close of 46.3950/4050.

Experts dealing with the foreign exchange believe that the trend is so since the investors are becoming more and more risk aversive.

For the day, the euro came down by 2 per cent against the dollar. US's dollar had hit its 15-year low after the Fed announced its plans to support the fragile economic recovery system. The index of dollar was up by 1 per cent against all the six major currencies.

The one-month offshore non-deliverables forward contracts were at 46.95, which is one spot lower than the onshore rate. The currency futures markets was most traded.