The Indian rupee is likely to dip to a lifetime low on Thursday in wake of the dollar and U.S. rates extending their post-U.S. election rally.

The Indian Rupee hit a historic low today, largely owing to the US Dollar's rally and expected outflows from domestic equities. The INR fell to an all-time low of 84.4125 against USD before settling at 84.3925, the same as its closing number in the previous session. This is the fifth straight session that the currency has hit record lows.

Rupee touches new record low of 84.32 against the US dollar due to weak equities, FII outflows, and rising crude prices.

The Indian rupee was hovering near its all-time low on Wednesday, wedged between weakness in local equities and dollar sales by state-run banks. The rupee was at 22.998 against the UAE dirham (84.4050 against the US dollar) as of 9.

The Indian central bank was likely selling dollars to support the rupee after the local currency hit its all-time low on Tuesday, pressured by a Chinese yuan-led decline in Asian currencies, four traders told Reuters.