The Reserve Bank of India (RBI) likely intervened to support the rupee after the currency slipped to an all-time low on Tuesday amid worries over a sizeable widening of the Asian nation's trade deficit.

India’s trade deficit expanded to a record high in November, as the nation’s import bill ballooned, particularly due to a rise in gold shipments.

India's trade deficit hit a record $37.84 billion in November, driven by gold imports and declining exports, pressuring the rupee further.

The Indian rupee may slip to an all-time low on Tuesday with the currency, already under pressure from slowing growth, choppy equity flows and a dollar rally, will have to contend with an unexpected widening in trade deficit to a record high.