At the interbank foreign exchange market, the rupee extended its losses for the fifth straight day, weakening 24 paise, to an all time closing low of 58.39 to the dollar. Earlier in the day, in a roller coaster session, the rupee had hit a life-time low of 58.98 against the dollar, on bearish stock markets, amid reports of selling of government bonds by overseas investors to book profits. But the rupee later erased a major part of its losses, to end at 58.39, after the Reserve Bank of India intervened in the forex market to stem the slide in the local currency.