Rupee hits record low of 92.89 against USD

Mumbai: The rupee slumped 49 paise to close at a record low of 92.89 against the US dollar on Wednesday, weighed down by a stronger greenback and sustained FII outflows.

Elevated crude oil prices in global markets amid intensifying conflict in West Asia further dampened sentiments, forex traders said.

At the interbank foreign exchange, the local unit opened at 92.42 against the greenback and traded in the range of 92.41-92.89 before closing at its record low of 92.89, sharply down by 49 paise from its previous close.

Earlier on Tuesday, the domestic hit its previous lowest intra-day level of 92.47 against the dollar before settling at an all-time low of 92.40.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.05 per cent higher at 99.62.

Brent crude, the global oil benchmark, was trading flat at USD 103.4 per barrel in futures trade.