MUMBAI: The Indian rupee hit its all-time low on Friday pressured by equity outflows but managed to avert a sharp fall on account of sustained dollar sales from state-run banks, most likely on behalf of the Reserve Bank of India.

The rupee closed at 84.0650 against the US dollar, barely changed from its close of 84.0675 in the previous session.

It hit a record low of 84.0775 earlier in the session, inching past its previous all-time low of 84.0750 hit on Monday.

While Asian currencies rose on Friday, the rupee was unable to benefit from the positive cue in face of dollar bids from foreign banks and local oil companies, traders said.

Foreign investors have pulled out $8.4 billion so far this month from local stocks on a net basis, surpassing the previous record monthly outflow of $8.35 billion, recorded in March 2020.