The Indian rupee dropped to an all-time low on Monday, weighed down by persistent dollar demand from foreign banks, likely for their custodial clients. The rupee dipped to a lifetime low of 84.0725 to the U.

The Indian rupee (INR) has witnessed a sharp fall, breaching the 84 mark against the US dollar for the first time ever today. The fall was prompted by a spike in oil prices and a foreign fund outflow from the equity market. The INR fell to a low of 84.0525 per US dollar, breaching its previous all-time low of 83.9850 on September 12.

The Indian rupee fell below 84 per dollar for the first time on Friday, pressured by concerns about the recent spike in oil prices and the exodus of foreign money from the equity market.

The Indian rupee reached a record low against the US dollar on October 11. The rupee fell to a historic low of 84.0525 per dollar, crossing the important 84 mark. By the end of the trading day, the rupee settled at 84.

The currency's decline past the 84 handle is significant as the Reserve Bank of India had been defending that level for over two months