The Indian rupee could drop to 84-85 to the dollar by March due to rising crude oil prices, high trade deficit and depleting foreign exchange reserves, Elara Global Research said in a note Monday, when the currency hit a record low of 82.6825.

"The rupee, so far, has borne the brunt of aggressive global tightening as a hawkish (U.S.) Federal Reserve and interest rate differentials weigh on its outlook," Garima Kapoor, an economist at Elara, said. "Elevated trade deficit prints and the recent surge in crude oil prices add to the near-term headwinds."

The Indian rupee could drop to 84-85 to the dollar by March due to rising crude oil prices, high trade deficit and depleting foreign exchange reserves, Elara Global Research said in a note Monday, when the currency hit a record low of 82.6825.

"The rupee, so far, has borne the brunt of aggressive global tightening as a hawkish (U.S.) Federal Reserve and interest rate differentials weigh on its outlook," Garima Kapoor, an economist at Elara, said. "Elevated trade deficit prints and the recent surge in crude oil prices add to the near-term headwinds."