The Rupee logged its record intra-day low of 92.65 during the session. The Rupee slumped 23 paise to close at a record low of 92.63 (provisional) 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 92.41-92.48 for most of the session before losing ground at the fag end to close at its record low of 92.63 (provisional), down 23 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.
Crude and Sensex close
Brent crude, the global oil benchmark, was trading flat at $103.4 per barrel in futures trade.
On the domestic equity market front, the Sensex settled higher by 633.29 points, or 0.83 per cent, to 76,704.13, while the Nifty also rose sharply by 196.65 points, or 0.83 per cent, to 23,777.80.
Foreign institutional investors sold equities worth Rs 4,741.22 crore on a net basis on Tuesday, according to exchange data.
Bonds close
Indian government bonds fell for a fifth straight session on Wednesday, as the rupee sank to another record low. Investor sentiment stayed weak, with the benchmark Brent crude still holding above $100 per barrel for a fifth day.
However, oil prices pulled back modestly after Iraq resumed crude exports via pipeline to Turkey’s Mediterranean port of Ceyhan. The benchmark 6.48% 2035 bond yield settled 2 bps higher at 6.7330%, compared with Tuesday’s close of 6.7143 per cent. Bond yields move inversely to prices.