The rupee further weakened against the dollar on Thursday and hit another record closing low of ₹85.76 compared to its previous close of ₹85.65.
The Reserve Bank of India (RBI) intervened to sell dollars at ₹85.78 levels which pulled down the Indian currency to ₹85.67 during afternoon trade. The rupee, however, weakened again to close at a new low.
State-run banks were spotted selling dollars to the tune of $800 million to $1 billion, traders said.
"The dollar has strengthened, and crude oil prices have risen. We might see some more pressure by January 15 as Donald Trump will assume office. The RBI was there with banks protecting excess volatility," said a dealer at a state-owned bank.
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