The Indian rupee dropped sharply on Friday, hitting an all-time low of 94.70 against the US dollar during intra-day trade. The currency fell by 74 paise, mainly due to rising oil prices, a stronger US dollar and ongoing tensions in West Asia, reported the PTI.

At the interbank foreign exchange market, the rupee opened at 94.18 and continued to weaken throughout the day, crossing the 94.50 mark before touching 94.70. This came after the rupee had already closed at a record low of 93.96 on Wednesday. Markets were closed on Thursday due to Ram Navami.