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 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.

The Indian rupee declined to a lifetime low on Thursday in the wake of expectations that Donald Trump's victory is likely to boost the dollar in the coming months.

The Indian Rupee hit a new all-time low of 84.40 against the US dollar due to foreign fund outflows and a strong US currency. Despite the RBI's efforts to stabilize the rupee, factors like weak Q2 earnings and overvalued Indian stocks have led to significant foreign investment withdrawals.