The rupee declined by 14 paise, reaching a record low of 84.23 against the US dollar in early Wednesday trade, impacted by ongoing foreign fund outflows and the strength of the American dollar in global markets, according to PTI. Forex traders cited the current US election as a factor in the recent market volatility, with analysts predicting that currency movements may stabilise once a clear winner emerges in this closely contested race.

As per PTI, the rupee opened at an unprecedented low of 84.23 against the dollar at the interbank foreign exchange, marking a 14-paise drop from its previous close. The Indian currency had ended Tuesday’s session slightly stronger, settling at 84.09 against the US dollar.