The Indian rupee on Monday plunged to a new low as it hit 72.31 against U.S. dollar for the first time.

"The Indian rupee today plunged to a fresh record low of 72.31 against U.S. dollar," a market analyst said.

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 downward trajectory for quite sometime and is not showing any significant sign of rebound.

Reports said the Indian currency has been one of the worst performers in the Asian region, losing nearly 13 percent this year.

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

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

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