The Indian rupee has reached a new all-time low against the dollar, driven by strong demand from foreign banks and local importers, particularly oil companies.

The decline surpasses the previous low reached last week, with the currency last quoted at a slightly higher rate as of 1:35 p.m. IST. The rupee has been stabilized to some extent by intervention from the Reserve Bank of India, as state-run banks have been intermittently offering dollars to mitigate further losses.

The dollar index has seen a slight increase, while Asian currencies are trading with mixed results, with the offshore Chinese yuan down and the Malaysian ringgit up.