The Indian rupee fell to an all-time low on Thursday, pressured by a lingering depreciation bias and heightened demand for the U.S. dollar in the non-deliverable forwards (NDF) market, while the central bank's intervention helped prevent sharp losses.

India has appointed a new central bank governor in a surprising move that some experts say strengthens outlook for rate cuts early next year.

Rupee hit a record low of 84.80 in early trading, surpassing its previous all-time low of 84.7575 hit last week.

The Indian rupee slipped to a record low and government bond prices rose on Tuesday, as the appointment of career bureaucrat Sanjay Malhotra as the next Reserve Bank of India (RBI) governor raised expectations of rate cuts.