Indian Rupee Slips, RBI Likely Selling Dollars To Support Currency, Traders Say

State-run banks were spotted offering dollars near 23.0245, levels, most likely on behalf of the Reserve Bank of India, the traders said. The rupee had weakened to its all-time low of 23.0265 last week.

"While they (RBI) are active at these level, the rupee may still weaken to a fresh record low but the decline is likely to quite marginal," a trader at a private bank said.

The dollar index was lower by 0.2 per cent at 105.8 while most Asian currencies rose. The rupee, meanwhile, was unable to benefit from a softer dollar in the face of persistent foreign portfolio outflows, traders said.