Mumbai: The rupee declined by 27 paise to a record low of 78.40 (provisional) against the US dollar Wednesday due to unabated foreign fund outflows and losses in the domestic equities.
A stronger greenback overseas also weighed on the rupee sentiment, forex traders said. However, receding crude prices in the international market restricted the rupee’s loss, they added.
At the interbank foreign exchange market, the local currency opened flat at 78.13 against the greenback and witnessed an intra-day high of 78.13 and a low of 78.40.
The domestic unit finally ended at a record low of 78.40, down 27 paise over its previous close. In the previous session, the rupee had settled at 78.13 against the US dollar.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, strengthened by 0.05 per cent to 104.48.
Brent crude futures, the global oil benchmark, dropped 4.46 per cent to USD 109.54 per barrel.
On the domestic equity market front, the BSE Sensex ended 709.54 points or 1.35 per cent lower at 51,822.53, while the broader NSE Nifty fell 225.50 points or 1.44 per cent to 15,413.30.
Foreign institutional investors remained net sellers in the capital market Monday as they offloaded shares worth Rs 2,701.21 crore, according to the stock exchange data.