The Indian rupee closed nearly unchanged on Wednesday, as dollar sales by state-run banks helped the currency withstand pressure from equity outflows and persistent strength in the U.S. dollar.The rupee closed at 84.

The Indian Rupee hit a historic low today, largely owing to the US Dollar's rally and expected outflows from domestic equities. The INR fell to an all-time low of 84.4125 against USD before settling at 84.3925, the same as its closing number in the previous session. This is the fifth straight session that the currency has hit record lows.

The Indian Rupee hit a new all-time low of 84.40 against the US dollar due to foreign fund outflows and a strong US currency. Despite the RBI's efforts to stabilize the rupee, factors like weak Q2 earnings and overvalued Indian stocks have led to significant foreign investment withdrawals.

The Indian rupee was hovering near its all-time low on Wednesday, wedged between weakness in local equities and dollar sales by state-run banks. The rupee was at 84.4050 as of 10:45 a.m. IST, nearly unchanged from its close at 84.