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 rupee dipped to a lifetime low of 84.0725 to the US dollar, inching past the prior low of 84.07 hit on Friday. The local currency's drop past 84 came after it spent more than two months near that level,

The Indian central bank was likely selling U.S. dollars on Friday to support the rupee as the currency was pinned near its record low amid worries about elevated oil prices and outflows from local equities,