The Indian rupee weakened to its lowest level since late August on Wednesday, tracking a decline in other emerging market currencies, after the dollar pared losses as early results in the US presidential election showed a very tight race.

Most emerging market shares scored small gains while currencies were broadly weaker on hints of a tight race, sparking a bout of volatility across financial markets.The partially convertible rupee was at 74.66/67 per dollar at 0506 GMT versus its previous close of 74.40.

The unit touched 74.78 earlier in the session, its weakest since August 24.Traders said they expect the rupee to weaken further with the unit having hit a low of 75.0550 in the overnight spot non-deliverable forwards market.US President Donald Trump was leading Democratic rival Joe Biden in the vital battleground state of Florida on Tuesday and in several other competitive swing states that will help decide the election, including North Carolina, Ohio, and Texas.The broader local NSE share index was trading up 0.3 per cent, while the benchmark 10-year bond yield was down 2 basis points at 5.88 per cent.