The rupee plunged 98 paise to close at its lifetime low of 89.66 against the US dollar Friday, due to a huge demand for the greenback in the domestic forex market amid widespread selling pressure in local and global equities and trade-related uncertainties.

Concerns over a possible bubble building around artificial-intelligence technology stocks also spooked investor sentiments, forex traders said.

Besides, renewed foreign fund outflows added to the gloom, they added.

At the interbank foreign exchange market, the rupee opened almost flat at 88.67 and before turning extremely volatile in the afternoon session. During the day trade, it moved between a high of 88.59 and a low of 89.66.

In the steepest fall in over three years, the domestic currency nosedived 98 paise to finally settle at

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