The rupee slid 23 paise to 71.71/$ in late morning trade amid foreign fund outflows and weak domestic equities.
Traders remain edgy around the US-China trade dispute.
The rupee on Wednesday opened marginally lower by 4 paise at 71.52/$ over a rise in crude oil prices.
The currency jumped 54 paise on Tuesday, its biggest single-day gain in more than five months, to close at 71.48/$, owing to the RBI's surplus transfer.
The RBI decided to transfer a record Rs1.76 lakh cr dividend and surplus reserves to the government, which lifted the rupee on Tuesday.
Traders are now turning their attention on the Q1 GDP number due Friday.
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