According to traders familiar with the matter, the Reserve Bank of India sold dollars in both onshore and offshore foreign exchange markets as the Indian rupee exchange rate approached a record low.
The USD/INR pair fell as much as 0.1% to 96.6750.
The pair's all-time high was 96.9650, set in May.
Since September, against the backdrop of high oil prices, the rupee has depreciated by nearly 2% as stock market funds flowed out on a large scale.
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