The Indian rupee (INR) has witnessed a sharp fall, breaching the 84 mark against the US dollar for the first time ever today. The fall was prompted by a spike in oil prices and a foreign fund outflow from the equity market. The INR fell to a low of 84.0525 per US dollar, breaching its previous all-time low of 83.9850 on September 12.

Rupee dropped to 83.9900 to the dollar, down from 83.9675 in the previous session. Rupee surpassed the previous lifetime low of 83.9850 hit on September 12.

The Indian rupee rose slightly on Wednesday, comforted by a decline in oil prices and gains in most of its regional peers, while traders awaited the Reserve Bank of India's monetary policy decision.

The rupee has slipped below the 84 per dollar mark for the first time, closing at 84.06 on Friday, as concerns over escalating oil prices and significant foreign equity outflows weigh on the currency.

In comparison, the dollar index, which measures the dollar's strength against six other major currencies, was down 0.11 per cent at 102.87 points.

The Indian rupee fell below 84 per dollar for the first time on Friday, pressured by concerns about the recent spike in oil prices and the exodus of foreign money from the equity market. The rupee closed at 84.