In the interbank market, the rupee closed at Rs94.95 to the dollar, down by one paisa from the record low of 94.94 on Monday.
Market dealers said that the rupee continued to shed its value against the greenback amid panic buying for the dollar in the forex market for oil payments.
The importers expect the local currency to weaken further in the coming days, owing to deteriorating foreign exchange reserves position.
The interbank market started the day in the range of 94.91 and 94.94, while it recorded the low of 94.90 and the high of 94.95, respectively.
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