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Indian rupee weakened to a fresh all-time low against the US dollar in early deals on Wednesday as negative trend in domestic equities and strength of the American currency in the overseas market weighed on rupee sentiments. Furthermore, significant foreign fund outflows, concerns about aggressive interest rate hikes by global central banks, and potential global recession fears have also dampened rupee trade. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 2,823.96 crore, exchange data showed. Meanwhile, investors are now eying the RBI monetary policy meeting decision due on Friday.

The partially convertible currency is currently trading at 81.89, weaker by 36 paise from its previous close of 81.53 on Tuesday. The currency touched a high and low of 81.9350 and 81.81 respectively.