MUMBAI, July 24 Reuters The Indian rupee fell to an alltime low on Wednesday as likely outflows from local equities weighed on the currency, though the pressure was eased by the Reserve Bank of India39;s intervention.

The rupee hit a record low of 83.72 against the U.S. dollar in the final minutes of the session, eclipsing the previous record of 83.7150 hit on Tuesday.

It ended the day at 83.7175, also its weakest closing level on record and marginally lower than its close of 83.6875 in the previous session.

Dollar bids from at least two large U.S.based foreign banks, likely on behalf of custodial clients, pressured the currency, a trader at a foreign bank said.

The benchmark BSE Sensex and the Nifty 50 equity indices ended the day lower by about 0.3 each.

Sentiment surrounding local equities has dampened after the government, in the budget on Tuesday, raised taxes on profits from equity investments and on equity derivatives trades.

Overseas investors sold over 350 million of Indian stocks, on a net basis, on Tuesday, per exchange data. They had invested nearly 5 billion this month before the budget was unveiled.

On Wednesday, the RBI39;s intervention helped limit the rupee39;s decline, traders said.

Staterun banks sold dollars heavily, early in the session and were spotted offering dollars in the latter half as well, a second trader at a foreign bank said.

Despite the recent pressure on the rupee, the RBI39;s routine interventions have kept volatility…