The rupee dipped below 53 to the dollar to touch a near 4-month low on Wednesday, buoyed by sustained greenback demand from oil refiners.
The local unit has been under strong pressure due to concerns about a slowing economy and drying inflows from foreign funds.
The rupee was last changing hands at 52.95/96 to the dollar.
USD/INR faces strong resistance at 52.94-00, the 76.4% retracement of its December-February fall, traders said.
