The Indian rupee on Monday plunged to a new low as it hit 72.30 against the US dollar for the first time.

The Indian rupee breached the key level of 72 for the first time last week.

However, on Friday, the rupee rose 26 points to close at 71.76 against the dollar. The rise in the rupee's value came after seven days of depreciation.

"The rupee started the week at 72.18 against the dollar, losing nearly 50 points from its last close at 71.76," the analyst said. "During the early trading session, the rupee tumbled below 72.30 against the dollar."

The Indian currency has been on a downward trajectory for quite some time and is not showing any significant signs of rebound.

CGTN reported last week that the Indian currency has been the worst performer in Asia in 2018, losing nearly 13 percent this year.

The weak global trade sentiment, rising crude oil prices and higher demand for the US dollar has pulled the value of the rupee.

Last week, India's Finance Minister Arun Jaitley attributed the weakening of the rupee to global reasons and said there were virtually no domestic reasons.

The Economic Times of India quoted Jaitley as saying "I don't think there is any need for the world's fastest growing economy to come out with panic and knee-jerk reactions."

The fall in the currency is being witnessed at a time when figures released by India's federal Central Statistics Office (CSO) showed the country's economy grew at a rate of 8.2 percent during the April-to-June quarter.