New Delhi, Delhi, India

The rupee continued its freefall, breaching the 72-mark Thursday. 

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It was on Thursday afternoon trading at 72.08 to the rupee. It fell to a record low of 72.11 at one point, with strong bids for dollars coming after 70 was hit, traders said.

The Reserve Bank of India was not spotted intervening after the rupee pierced the 72 level, two dealers said. It had been suspected of selling dollars earlier in the day.

"There is a panic now, especially among those who are unhedged," said a forex official at a state-run bank.

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The rupee has fallen nearly 2 per cent this month and more than 12 per cent this year.

The rupee had breached the 71 mark only a few days earlier. 

Experts have blamed the assault on the rupee on a number of factors — the price of crude oil continues to rise, China and the US are in the middle of a full-blown trade war, and the US' sanctions on Iran are expected to kick in in November. 

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The US has been leaning on India to stop buying oil from Iran; India is a major buyer of oil from Iran.