The rupee weakened further on Monday, erasing all of the session's gains and heading towards a record low, as measures to boost the economy and the currency announced by the RBI widely disappointed investors.

At 4:26 p.m., the partially convertible rupee was at 57.0925/1050 per dollar, just off its Friday close of 57.12/13, and not far off the record low of 57.32.

India took a handful of measures on Monday to support the embattled rupee, but disappointed investors who had been hoping for bolder action to prop up the currency.