At 9.12 am, the home currency was trading at 83.24 to a dollar, up 0.01 percent from its previous close of 83.23. The rupee opened at 83.22.

It is nearing an all-time low again due to month-end dollar demand, increasing crude oil prices and ongoing capital outflows from foreign institutional investors in the equity market despite last week's gains prompted by India's inclusion in the JP Morgan bond index.

"Markets shall remain watchful on the actions of the RBI, which has remained active onshore to protect the rupee around 83.30 levels,” CR Forex said in a note.

A breakout above 83.30, if allowed by the Reserve Bank of Inida, would lead to an up-move of 83.50-83.80 and a break below 82.80, shall move the pair towards 82.50-82.30, it said. Until then, the rupee is likely to consolidate within 82.80-83.30 levels, the note said.