The rupee on Wednesday plunged 35 paise to close at its weakest level in over 10 weeks at 74.76 against the dollar as investors appeared cautious while looking for clarity on the US election outcome and the latest tranche of fiscal stimulus.

The rupee opened at 74.74 against the greenback and witnessed an intra-day high of 74.57 and a low of 74.90. It finally settled at 74.76 — its lowest level since August 21 this year. The dollar index, which gauges the greenback against a basket of six currencies, rose 0.35 per cent to 93.88.