The rupee's fall below the psychologically important 86 level is likely "sooner rather than later," a trader at a foreign bank said.

The Indian rupee opened strong on Tuesday morning as compared to the all-time low it tasted during the previous session. At the time of filing this report, the rupee traded at 85.75 against the US dollar,

The Indian Rupee has witnessed a sharp fall for the second consecutive day, touching an all-time low of 85.87 against the US Dollar today. The fall is primarily due to rising crude oil prices and a strengthening American currency.

The Indian rupee weakened to its lifetime low on Thursday as the dollar strengthened on the back of expectations of slower-than-anticipated rate cuts by the Federal Reserve as well as uncertainty about the incoming U.