The partially convertible rupee ended at 62.2825/2925 per dollar.
Sentiment remains broadly supported on strong foreign buying in Indian markets, especially in debt.
Caution ahead of key consumer inflation data in the day also weighed.
The rupee has posted its biggest single-day fall in more than four months to end at 62.95 against the dollar.
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Traders say the outlook for the rupee has improved on the back of a sharp narrowing in the current account deficit after government and central bank emergency measures such as curbing gold imports.
Goldman Sachs downgraded its rating on Indian stocks to 'underweight'.
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The rupee tumbled past 63.00 to the dollar, down about 2 per cent on the day and breaching the previous low of 62.03 hit on Friday despite a spate of measures in recent weeks by the central bank and government to defend it.
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