India rupee falls to record low

MUMBAI, Sept 18 (Reuters): The Indian rupee fell to a fresh record closing low on Monday, despite likely help from the Reserve Bank of India, as rising crude oil prices pushed up dollar demand.

The rupee closed at 83.2675 against the US dollar, compared with 83.1850 in the previous session. The local unit weakened beyond its previous record closing of 83.2175 hit earlier this month.

Possible dollar sales from the RBI helped the local unit stay above lifetime lows. The rupee had fallen to a record low of 83.29 in October last year.

"RBI wasn't guarding any one level but was instead seen offering dollars in a range of 2-4 paise," a foreign exchange trader at a private bank said.

"Initial buying was there but beyond 83.24, there is stiff resistance (for USD/INR)."