The Indian rupee slipped by 2 paise to a near all-time low of 84.85 against the US dollar in early trade on Thursday, primarily due to foreign fund outflows and an uptick in crude oil prices. Forex traders noted that the rupee was also under pressure from an elevated dollar index and the muted performance of domestic equity markets, while market participants were awaiting domestic inflation data scheduled for release later in the day.

At the interbank foreign exchange market, the rupee opened at 84.85 against the dollar, marking a decline of 2 paise from its previous closing level of 84.83. On Wednesday, the Indian currency had gained 2 paise against the greenback, closing at 84.83.