The Indian rupee declined to its lifetime low on Thursday as a dip in Asian peers added to the prevailing bearish outlook on the currency a day before a crucial monetary policy decision.

At the interbank foreign exchange, the rupee opened at 87.54 and slipped further to all-time low of 87.57 against the greenback in initial deals, a fall of 14 paise from its previous close.

Market sources indicated that the Reserve Bank of India (RBI) intervened through state-run banks to curb the rupee’s losses.

The Indian rupee hit an all-time low on Thursday amid heightened dollar demand likely spurred by the maturity of positions in the non-deliverable forwards market, while a prevailing bearish bias on the currency also weighed.