Mumbai: The rupee collapsed to a fresh low of 73.77 against the US dollar Thursday, as global oil prices continued to rise, deepening concerns about the current account deficit and capital outflows.
Consistent dollar demand from importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure.
Meanwhile, state-owned oil marketing companies have been allowed to raise USD 10 billion from overseas market to meet their working capital needs.
At the interbank foreign exchange, the rupee opened lower and slipped further to a fresh low of 73.77 a dollar against 73.34, a fall of 43 paise.
The domestic currency closed at a record low of 73.34, down by 43 paise or 0.59 per cent on Wednesday.
The international benchmark Brent crude breached the US 86 per barrel level, near its four-year high.
The benchmark Sensex plunged by 527.94 points, or 1.39 per cent, to 35,447.69 in morning deals.
PTI