A stronger greenback and volatility in the domestic equity markets further weighed on the rupee, which was already on a weak footing in early trade due to heavy foreign fund outflows, forex traders said.

At the interbank foreign exchange, the local unit opened at 92.25 but kept slipping to touch its record intra-day low against the greenback at 92.36. However, it recovered some of its lost ground and eventually settled at 92.17 (provisional), down 16 paise from its previous close.

The rupee previously recorded its lowest intra-day low of 92.35 against the greenback on March 9.

"The rupee declined, hitting a record low of 92.36 on weak domestic markets and rising crude oil prices. A positive US dollar index and FII outflows, too, weighed on the rupee. However, the rupee recovered on supposed intervention by the RBI," Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan, said.

"We expect the rupee to trade with a negative bias on a surge in crude oil prices and risk aversion in the global markets amid the ongoing geopolitical tensions in the Middle East as it entered the 13th day. Continued FII outflows may further pressure the rupee," he said.