Continuing its weakness for the fifth session, the rupee dipped below the 64-mark to end at 20 months' low of 64.23 against the American currency on sustained capital outflows by foreign funds. Sustained dollar demand from importers and banks kept pressure on the Indian unit. Recent surge in crude oil prices globally too weighed on the rupee, however, dollar's weakness overseas, capped losses in the local unit. Persistent foreign funds outflows, weighed down by lingering concerns over Minimum Alternate Tax, MAT and delay in passage of key tax reform bills in Parliament dragged down the rupee to 20-month lows. The rupee, which opened lower at 63.78 as against last closing level of 63.54 at the Interbank Foreign Exchange market, closed at 64.23 per dollar, showing a loss of 69 paise. This is the weakest close of Indian currency since September 6th, 2013, when it was closed at 65.24. It has dropped 108 paise in the five sessions.