The rupee slipped to a fresh record low of 96.44 against the US dollar on Tuesday, nearing the Rs 97 mark. Rising crude prices, weak capital inflows and higher US yields are adding to pressure on India's external finances despite RBI intervention.

The rupee weakened 0.3% to 96.05 against the dollar, crossing its previous all-time low of 95.9575 touched in the previous session.