Rupee drops to all-time low of 83.99 vs USD on oil worries, equity outflows

The Indian rupee fell to a record low of 83.9900 against the US dollar, driven by rising oil prices and foreign capital outflow from equity markets.

The Indian rupee dropped to a lifetime low against the U.S. dollar on Friday, pressured by concerns over the recent jump in oil prices and the exodus of foreign money from the nation's equity markets.

India's rupee dropped to an all-time low of 83.9900 versus the dollar, exacerbated by increasing oil costs and a flight of foreign investments from equities.

The rupee dropped to 83.9900 to the dollar, inching past the previous lifetime low of 83.9850 hit on Sept. 12 and down from 83.9675 in the previous session.

The local currency had recovered to near 83.50 little over two weeks ago.