The Indian rupee plunged to a record low of 86 against the US dollar on Friday, driven by a stronger greenback, rising crude oil prices and foreign fund outflows.

MUMBAI: The rupee recovered slightly from its record low and settled with a gain of 5 paise at 85.88 against the US dollar on Thursday amid firm American currency and elevated level of crude oil prices.

The rupee extended its slide for the second straight session and declined 13 paise to hit a fresh record low of 85.87 (provisional) against the US dollar on Wednesday amid higher crude oil prices and stronger American currency.

According to analysts, subdued domestic equity markets also weighed on the Indian currency even as better growth prospect in the US economy fuelled the expectations of delayed interest rate cut by the Federal Reserve,

Mumbai: The rupee depreciated 9 paise to hit its record low of 85.83 against the US dollar in early trade on Wednesday as strengthening American currency and higher crude oil prices continued to play spoilsports even as the government lowered the country’s economic growth projection.

The rupee witnessed a slight recovery on Thursday, gaining 4 paise to settle at 85.87 against the US dollar, rebounding from its record low of 85.91 recorded a day earlier.

On Friday, the rupee fell 1 paisa to 85.87 against the US dollar due to a strong American currency and large foreign capital outflow. Despite higher crude oil prices, positive domestic equity market cues provided some support.

The Indian rupee weakened to its lifetime low on Thursday as the dollar strengthened on the back of expectations of slower-than-anticipated rate cuts by the Federal Reserve as well as uncertainty about the incoming U.

The rupee extended its slide for the second straight session and declined 13 paise to hit a fresh record low of 85.87 (provisional) against the US dollar on Wednesday amid higher crude oil prices and stronger American currency.