The Indian rupee declined to a lifetime low on Tuesday, pressured by the U.S. dollar's rally against its major peers and on concerns over the Asian country's slowing growth rate. The rupee dipped to a record low of 84.

Rupee hits all-time low against US dollar due to Trump's tariff threat, geopolitical tensions, and foreign outflows.

On Monday, the rupee depreciated 12 paise to close at an all-time low of 84.72 against the dollar. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.18 per cent at 106.25.

The weakness in the Indian rupee is expected to persist in the near term, with the possibility of breaching the 85 per dollar level.