The Indian rupee plunged 9 paise to hit the record low of Rs 85.83 against the US dollar in early trade on January 8, which is 0.069 per cent lower than Rs 85.77 an all time low touched on January 4. The decline in the rupee is due to the strengthening of the American dollar and the rise in crude oil prices. Another major reason for fall is the muted market activity in the domestic equity markets.