Declining for the fourth straight session, the rupee dropped 2 paise to hit a new lifetime low of 84.39 (provisional) against the US dollar on Monday, weighed down by persistent foreign fund outflows and a muted trend in domestic equities.
Forex traders said the rupee is likely to remain under pressure unless there is a softening in the dollar index or a slowdown in foreign fund outflows.
At the interbank foreign exchange, the rupee opened at 84.38 against the US dollar.
During the session, the local currency touched a high of 84.37 and a low of 84.39.
It finally settled at 84.39 (provisional), registering a loss of 2 paise against its previous close.
On Friday, the rupee dropped 5 paise to hit the lowest level of 84.37 against the US dollar, registering a decline for the third straight session.
In the last four sessions, the local unit has lost 30 paise against the greenback. -- PTI