The rupee on Tuesday depreciated by 11 paise to end the day near 84 per dollar, tracking the weakness in its Asian peers and foreign outflows, said dealers.
The local currency settled at a new low of 83.96 a dollar against 83.85 on Monday after touching the day's low of 83.97.
The Reserve Bank of India (RBI) intervened in all the segments of the foreign exchange market, which prevented any sharp depreciation.
Market participants said there was strong demand for the greenback in the offshore market, which further weighed on the Indian unit.
The dollar index, which measures the strength of the dollar against a basket of six major currencies, rose to 103.11 on Tuesday against 102.68 on Monday.
The RBI intervened through dollar sales in the non-deliverable forwards (NDF), spot over-the-counter (OTC), and futures markets to contain volatility in the exchange rate, they said.
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