The rupee traded in a tight range and settled 1 paisa lower at 86.62 (provisional) against the US dollar on Friday, as massive outflow of foreign funds and falling domestic equity markets dented investors' sentiment.

The rupee saw a sharp recovery on January 15 due to multiple factors such as improved trade balances and Reserve Bank of India's intervention

The Indian rupee opened at a record low of 86.20 against the US dollar, depreciating five paise from its previous close. The decline comes after a three-day streak of record lows for the rupee, which closed at 85.97 per dollar on Friday.

The Indian rupee dropped past 86 per U.S. dollar for the first time ever on Monday following a blowout U.S. jobs report that compounded the pressure from weak inflows and higher hedging activity.

MUMBAI: The rupee logged its steepest single-day fall in nearly two years and ended the session 58 paise down at its historic low of 86.62 (provisional) against the US dollar on Monday, weighed down by a stronger American currency and surging crude oil prices.

Rupee hit a record low, crossing 86 against the US dollar on Monday, following stronger-than-expected US job data. The report hinted that the Federal Reserve might not reduce interest rates significantly this year,

The Indian rupee is poised to decline against the U.S. dollar at the open on Monday, dipping past the 86 level, after a blowout U.S. jobs report increased the likelihood that the Federal Reserve may not cut rates anytime soon.