The Indian rupee extended decline to fall further by 32 paise in opening trades on Wednesday as the Reserve Bank of India eased its strict regulation of the currency market, imposed earlier in the month. INR opened at Rs 93.69 per dollar and dropped to a low of 93.78 so far during the day, its lowest level in around 3-weeks. Elevated oil prices, muted cues from equities and uncertainty surrounding West Asia crisis continue to pressurize the local unit. Yesterday, rupee sharply to close at 93.44 against the US dollar, weighed down by a steady American currency and volatile crude oil prices amid uncertainties over the progress of West Asia peace negotiations. Positive domestic equity markets failed to boost local currency, which also had some impact of the Reserve Bank's latest move to ease curbs on speculative bets in non-deliverable forward markets. The Reserve Bank on Monday partially withdrew directives taken on April 1 to curb excessive speculation in the rupee. The banking regulator had capped the net open positions in non-deliverable forward markets at USD 100 million, mandating banks to comply by April 10.