Sensex on Wednesday declined by over 68 points after a volatile session as the market reeled under selling pressure for the second day amid weakness in the rupee.

The 30-share Sensex, which opened slightly higher, declined to a low of 18,551.35 before recovering to a high of 18,811.46.

Later, it fell again and settled at 18,664.88, a drop of 68.16 points or 0.36 percent. On Tuesday, the index had tumbled 2.34 percent.

The 50-share Nifty index on the National Stock Exchange declined 23.15 points, or 0.42 percent, to 5,519.10. The SX40 index on the MCX-SX was down 0.47 percent.

The rupee, which yesterday recovered from an all-time intra-day low of 61.80 against the dollar to close at 60.77, remained in the doldrums and was quoted at 60.98 in late afternoon deals.

“Investors are expecting RBI to intervene to limit the rupee weakening, which led to buying in banking stocks today,” said Nidhi Saraswat, a senior research analyst at Bonanza Portfolio Ltd.

“Also, buying from lower levels after steep correction was visible. However, weakness in global markets dampened the investor sentiment.”

Globally, most stock indices ended lower after a US Federal Reserve official on Tuesday indicated its bond-buying programme could be scaled back as early as next month.

On the Sensex, Tata Motors, which posted a 24 percent decline in first-quarter profit, dropped 2.96 percent to Rs 278.85. Reliance Industries gained 3.64 percent to Rs 871.

IT, auto and FMCG stocks suffered losses, while shares in realty, metal, power, refinery and consumer durables gained.