Mumbai: The rupee slipped 2 paise to an all-time low of 84.40 against the US dollar in early trade on Tuesday, as persistent foreign fund outflows and strength of the American currency in

At the interbank foreign exchange, the rupee opened at 84.26 against the greenback, registering a rise of 5 paise over its previous close. On Wednesday, the rupee depreciated 22 paise to close at an all-time low of 84.31 against the US dollar.

On the domestic equity market front, Sensex declined 426.85 points, or 0.53%, to 79,942.18 points. The Nifty fell 126.00 points, or 0.51%, to 24,340.85 points

The Indian Rupee hit a new all-time low of 84.40 against the US dollar due to foreign fund outflows and a strong US currency. Despite the RBI's efforts to stabilize the rupee, factors like weak Q2 earnings and overvalued Indian stocks have led to significant foreign investment withdrawals.

Forex traders said investors were also cautious ahead of the US Fed meeting outcome. Moreover, overnight gains in crude oil prices also weighed on the local unit.

The Indian rupee is likely to open at a lifetime low on Tuesday, weighed by the rally in the dollar index and the slump in the Chinese yuan in the wake of Donald Trump's victory in the U.S. Presidential election.