The Indian rupee recovered from its all-time low, appreciating by 8 paise to 84.38 against the US dollar in early trade on Monday. This recovery occurred despite a stronger US dollar and consistent foreign fund outflows, according to PTI.

Forex traders noted that a decline in global crude oil prices supported the local currency. At the interbank foreign exchange market, the rupee opened at 84.42 before strengthening further to 84.38 against the dollar, trading 8 paise higher than its previous close.