The Indian rupee extended downside to hit a new record low on Tuesday, pressured by sustained foreign capital outflows amid global trade uncertainties. Rupee fell 4 paise to an all-time low of 88.79 (provisional) against the US dollar on Tuesday. However, a steep fall in global crude oil prices, along with a weaker greenback, prevented a sharp decline in the local unit. Indian shares also ended lower for an eighth consecutive session on Tuesday amid ongoing FII selling, lingering uncertainty over the U.S. trade deal and U.S. President Donald Trump's announcement of 100 percent tariffs on any or all movies that are made outside of the United States. The broader NSE Nifty index swung between gains and losses before closing down 23.80 points at 24,611.10, extending losses for an eighth consecutive session. The markets are also awaiting the Reserve Bank of India's (RBI's) Monetary Policy Committee decision, which will be announced on Wednesday.