Rupee slumps to record intra-day low of 92.58 against US dollar

Mumbai: The rupee declined 18 paise to hit a record low of 92.58 against the US dollar on Wednesday amid a strengthening greenback overseas and unabated foreign capital 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 remained in the range of 92.46-92.47 before slumping to 92.58.

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

"The rupee hit a new low ahead of the major central banks meetings... as the Reserve Bank of India allowed the 92.50 level to be breached," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.

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 0.19 per cent lower at $103.2 per barrel in futures trade.

On the domestic equity market front, the Sensex was trading higher by 719.77 points, or 0.95 per cent, at 76,790.61, while the Nifty also rose sharply by 215.75 points, or 0.91 per cent, at 23,796.90.

Foreign institutional investors sold equities worth Rs 4,741.22 crore on a net basis on Tuesday, according to exchange data.