The Indian rupee weakened by 2 paise, hitting an all-time low of 84.40 against the US dollar in early trading on Tuesday. This decline was attributed to continued foreign fund outflows and the strength of the US dollar in the international markets, which dampened investor sentiment.

According to forex traders, the rupee is expected to trade within a range of 83.80 to 84.50 in the medium term. The Reserve Bank of India (RBI) is likely to prevent any significant further depreciation of the currency, supported by its substantial foreign exchange reserves.