The currency hit 171.00 per dollar, its fifth straight session of record lows, going below the previous nadir of 170.60 hit on Monday.

It closed at 170.50/80 per dollar on Monday.

The rupee has weakened 1 percent against the dollar so far this month, extending the 4.7 percent loss in September. It has declined 11.3 percent so far this year, Rifinitive Eikon data showed.