Indian rupee dropped as much as 71 paise to hit record low of 83 against the US dollar following consistent strengthening of the greenback. Sharp fall in rupee against the US dollar also led to equity markets erasing intraday gains. The Sensex fell as much as 438 points from day's highest level and Nifty 50 index slipped below 17,500 after crossing 17,600 in morning deals.