The Indian rupee dropped against the U.S. dollar in afternoon trading on Thursday, despite the the finance ministry denying talks of rupee devaluation, and saying that the exchange rate would be decided by the market forces.

Economic Affairs Secretary Shaktikanta Das denied a CNBC report that it was proposing a possible devaluation of the currency to boost exports.

"The value of Rupee is determined by the market and there is no plan to change the policy. The market reports that government want to devalue Rupee is false," Das told.

The rupee slipped to a session's low of 67.09 against the greenback, off its early 2-day high of 66.76. On the downside, 68.00 is likely seen as its next support level.

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