The Indian rupee settled at a record closing low for a third consecutive session on Thursday, pressured by a firm dollar and importers' month-end dollar demand. The rupee ended at 85.2625 to the dollar,

According to analysts, the Reserve Bank's stance to hold on to its dollar payments in short-term forward contracts added to the shortage of greenback, with importers rushing to meet their month-end payment obligations.

The Indian rupee stayed weak for the third consecutive session, plunging by 12 paise to close at an unprecedented low of 85.27 (provisional) against the US dollar on Thursday. Mounting pressure from a robust American currency and escalating crude oil prices further battered the currency’s performance.

The Indian rupee weakened to its all-time low for the sixth consecutive trading session on Tuesday as a rise in U.S. bond yields boosted the dollar and strong demand for the greenback from importers added to the lingering pressure on the local currency.