Rupee hits record low of 83.80 vs US dollar in early session.

MUMBAI: Rupee opened on a muted note and fell to an all-time low of 83.

80 against the US dollar on Monday, as the risk off situation in world markets kept the dollar well bid.

Forex traders said the sharp downfall in the domestic unit came on the heels of a significant downturn in the Indian equity markets and significant foreign fund outflows.

At the interbank foreign exchange market, the local unit opened at 83.78 and then fell to an all-time low of 83.80 against the American currency, registering a fall of 8 paise from its previous close.

On Friday, the rupee settled 1 paisa higher at 83.72 against the US dollar in a range-bound trade.

Over the past week, major global equities experienced a significant sell-off.

The release of last week’s US Jobs Report, which fell significantly below expectations, sparked recession fears in the market, increasing demand for safe-haven assets.

Additionally, the upcoming US elections in November are likely to keep investors on edge.