The rupee closed at 68.75 a dollar -- a level last seen on 28 August 2013, down 0.27% from its previous close of 68.57. The domestic currency has fallen around 4 per cent since the demonetisation of higher currency notes by Prime Minister Narendra Modi on November 8. Traders spotted the Reserve Bank of India intervening when the rupee fell to around 68.83 per dollar and more heavily later in the morning, sending the rupee sharply higher to 68.74. The central bank likely sold around $500 million so far in the morning, the traders said. As per current estimates, banks have received nearly Rs 6 lakh crore by the way of deposits. Since November 12 RBI has been accepting bids in the reverse repo window that has lead to absorption of nearly Rs 80,000 crore on an average each day.