The Indian rupee declined to its all-time low on Tuesday pressured by dollar demand from foreign banks and importers, while intervention by the Reserve Bank of India helped contain the currency’s losses.

The rupee hit a low of 84.42 against the U.S. dollar, eclipsing its previous record low of 84.4125 hit last week. The currency closed at 84.4150, down slightly on the day.

Likely intervention by the Reserve Bank of India helped the currency avoid further losses with state-run banks spotted intermittently offering dollars, traders said.

Asian currencies were mixed while the dollar index was up 0.2% at 106.4. The offshore Chinese yuan was down 0.2% at 7.24.

The dollar index perked up after pulling back in the previous two sessions as its searing post-U.S. election rally ran into likely profit booking.

bids, after Russian President Vladimir Putin approved an nuclear doctrine, likely boosted the greenback on Tuesday.

While Asian currencies have found some breathing room on the back of recent softness in the dollar, the rupee has been unable to benefit much.

“Mild weakness in the dollar will not lead to any major appreciation in the rupee because the RBI will look to replenish its foreign exchange reserves, but if the dollar index moves 2-3% lower, we may see half a per cent of move (in the rupee),” Nitin Agarwal, head of treasury at ANZ India said.

Benchmark Indian equity indices, the BSE Sensex and Nifty 50 rose over 1% intraday but shed a large chunk of their gains towards the close of the session.

Sustained portfolio outflows, to the tune of nearly $15 billion since October, have weighed on the rupee, but RBI interventions have supported the currency.

The RBI’s routine interventions to support the rupee appear to be aimed at “killing volatility while allowing gradual deprecation,” a foreign exchange salesperson at a foreign bank said.