India's rupee has plunged more than 3.6 percent to a new record low against the US dollar amid deepening economic woes.

The rupee, one of Asia's worst-performing currencies this year, breached 68.75 against the dollar in morning trade on Wednesday, after sliding three percent a day before.

The rupee has now fallen about 19 percent so far this year, by far the biggest decliner among the Asian currencies tracked by Reuters.