Yesterday, the rupee had lost 56 paise - the second biggest single-day fall of 2018 - to end at a new 16-month low of 68.07 as dollar demand rattled the currency market.
State-run banks were seen selling dollars around 67.67 level, dealers said.
Anand James, Chief Market Strategist at Geojit Financial Services said, "With food and fuel prices pushing CPI higher, rupee's weakness has hastened, sinking to 16-month low".
The rupee swung in almost one percent intraday range on Tuesday, its most volatile day in about a year.
According to Deloitte India's Senior Director and Senior Economist Richa Gupta, the rupee "is facing downside risks on account of crude price hike, concerns regarding fiscal deficit and current account deficit, and dollar strength".
However, both forex and debt traders were doubtful whether the rally in the rupee and Indian bonds would last through the week.
It registered a intra day's high and low at 68.16 and 67.75 respectively, they added.
The 10-year bond yield stood at 7.901%, up from its previous close of 7.905%.
"This time the intervention from RBI seemed quite decisive", said a dealer at a foreign bank.
The trade deficit widened to $13.72 billion in April from $13.25 billion a year ago and could rise further with India importing 80 percent of its oil needs.
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