The Indian rupee continued to weaken on Thursday, falling to a new record low against the dollar for the fourth straight day.

In early trading, the rupee stood at just over 54 against the dollar.

The Indian currency has lost nearly 20 percent of its value since July.

The decline has mainly been triggered by foreign investors who continue to pull money from what they see as risky emerging markets.

Many economists expect India's central bank to announce stronger measures to support the rapidly declining rupee at its mid-quarter policy review on Friday.

The weakening currency adds to India's economic woes at a time when growth has begun to slow. The government has revised its growth projections to around 7.5 percent compared to 8.5 percent at the start of the year.

Many Asian currencies have fallen against the dollar in recent months, but the Indian rupee has been the worst hit.