Mumbai: The Indian rupee hit a new all-time low of 71.37 per dollar on Tuesday tracking a similar trend among its global peers and amid concerns of trade war escalation.

It opened at 71.24 per dollar surpassing the previous low of 71.21 per dollar, at which it had closed on Monday.

According to analysts, along with trade concerns, high crude oil prices and consistent outflow of foreign funds also weighed on the Indian currency.