The rupee dropped to a lifetime low of 83.3050 to the dollar, down from 83.2800 in the previous session. The previous lifetime low was 83.2950.

"We will have to see how much follow-through is there," a trader at a bank said. "Today is Friday, which makes the price action from here all the more important."

(Reporting by Nimesh Vora; Editing by Sonia Cheema)