At the interbank foreign exchange market, the local currency opened on a weak note at 71.17 and fell further to hit a low of 71.19 against the US dollar.
At the interbank foreign exchange market, the rupee opened strong at 71.44 against the greenback.
Forex traders said crude oil prices surged after US President Donald Trump ordered the killing of Iran Revolutionary Guards commander Qasem Soleimani.
At the interbank foreign exchange the rupee opened at 71.28, then gathered momentum and touched 71.23 against the USD.
Investor sentiments strengthened after the Reserve Bank of India signalled to continue with accommodative stance.