The rupee weakened below the psychologically important 84.50-per-dollar level to hit an all-time low on Friday as the greenback's post-U.S. election rally revived and as foreign investors continued to pull out of domestic equities and bonds.

Rupee trading in narrow range as U.S. dollar strengthens, Brent oil rises amid Ukraine-Russia conflict, FIIs sell equities.

At the interbank foreign exchange, the rupee opened at 84.48 and touched an intraday low of 84.50 against the greenback earlier in the day

The Indian rupee declined to its weakest level on record on Friday as a resurgent dollar and sustained portfolio outflows pressured the currency, while heightened geopolitical risks also dampened risk appetite.

The rupee touched an intraday record low of 84.507 to a dollar, but ended stronger at 84.445/$1, despite the US dollar index strengthening to a two-year high, as the Reserve Bank of India (RBI) likely sold the greenback to cap further depreciation in the currency,

India’s central bank is ready to let the rupee weaken in tandem with the Chinese yuan after Donald Trump’s election win spurred fears of higher US tariffs, according to people familiar with the thinking of policymakers.

The Indian rupee is expected to stay on the back foot on Friday, pressured by a rebound in the dollar amid uncertainty about the pace of rate cuts in the United States, while persistent portfolio outflows also remain a worry for the local currency.

The Indian rupee hit a record low of 84.50 against the US dollar, pressured by geopolitical tensions, a sell-off in domestic equity markets, and rising crude oil prices. Foreign institutional investors continued selling,