The Indian rupee is likely to open mostly unchanged on Tuesday, holding near its all-time low, with the dollar making its way to the highest in more than two months. The decline in oil prices alongside expectations that the Reserve Bank of India will intervene are likely to counter the dollar's rally.

The Indian rupee (INR) has witnessed a sharp fall, breaching the 84 mark against the US dollar for the first time ever today. The fall was prompted by a spike in oil prices and a foreign fund outflow from the equity market. The INR fell to a low of 84.0525 per US dollar, breaching its previous all-time low of 83.9850 on September 12.

The rupee dropped to an all-time low on Monday, weighed down by persistent dollar demand from foreign banks, likely for their clients. The rupee dipped to a lifetime low of 84.0725 to the US dollar, inching past the prior low of 84.

The Indian rupee hovered close to a record low on Tuesday, pressed by a fall in its regional peers, while mild dollar sales from state-run banks supported the currency which has remained subdued this month.