The rupee plunged 68 paise to 64.72 against the dollar as early trends showed that the BJP and the Congress were neck and neck in Gujarat Assembly election results.

According to early trends, the Congress was leading in 7 seats, while the BJP leading in 6 in the Himachal Pradesh Assembly polls.

Besides, the American currency’s strength against other currencies overseas weighed on the domestic unit, traders said. Meanwhile, US President Donald Trump’s much-hyped tax cuts moved a step closer to reality.

The rupee had gained 30 paise to close at a fresh three-month high of 64.04 on Friday against the dollar after all exit polls had suggested that the BJP would retain Gujarat and return to power in Himachal Pradesh.

The Sensex tumbled 867.34 points, or 2.59 per cent, to 32,595.63 and Nifty slumped 258.45 points, or 2.50 per cent, to 10,074.80 in early trade.