Mumbai, June 18: The Indian rupee hit a low of 58.46 against the dollar amid fresh weakness on Tuesday. The partially convertible rupee traded at 58.42 as of 10 a.m. against Monday's close of 57.87. The currency is not far off a record low of 58.98 hit a week ago.

The biggest trigger for the selloff is the two-day Federal Reserve meeting that starts later today, traders said. There are concerns about a potential early roll down of the U.S. monetary stimulus programme, which has pressured most emerging market currencies, including the Indian rupee.

Weak trade across Asia, including choppiness in Indian stock markets, also weighed on the currency. The Sensex traded down 72 points or 0.4 per cent, while the Nifty traded below the key 5,850 mark.

Foreigners have continued to be heavy sellers in Indian debt, pulling out over $4 billion since late May, pressuring the rupee.