The rupee depreciated 13 paise to close at an all-time low of 88.81 against the US dollar on Tuesday, weighed down by negative domestic equities and a strong American currency against major crosses overseas.

Forex traders said foreign fund outflows amid a risk-off mode globally further dented investor sentiment.

However, a decline in crude oil prices and reports of RBI intervention supported the local unit and restricted the slide.

At the interbank foreign exchange, the rupee opened at 88.73 against the greenback and fell to an intraday low of 88.82 and a high of 88.73. It finally closed the day at a lifetime low of 88.81 against the greenback, registering a decline of 13 paise over its previous close of 88.68.