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.

This convergence of rising oil prices, stock market volatility, and persistent foreign capital outflows has contributed to the rupee's continued depreciation, pushing it to record lows against the US dollar.

India's Trade Minister Piyush Goyal said on Monday it is time for the Indian rupee to appreciate on the back of inflows in debt and equity markets. "I believe India's currency should appreciate now. What else will we do with $700 billion (forex reserves),

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.