The Indian rupee hit a fresh record low of 70.47 against the US Dollar on Wednesday in the foreign exchange market hurt by a strengthening US dollar amid concerns of a rising current account deficit on the back of higher oil prices.\u00a0Bloomberg data showed that the rupee slumped to a low of 70.4763 against the greenback in early afternoon deals on Wednesday, falling 37 paise from its Tuesday's close at 70.10 against the US currency. Earlier this month,\u00a0the rupee had touched a record low at 70.3950 per US\u00a0dollar. On Tuesday, the local currency had bounced back from its previous record closing low and\u00a0gaining 6 paise to end at 70.10 against the US currency. "Concerns of a rising CAD on the back of higher oil prices and strengthening of US dollar kept the domestic forex markets under pressure for some time," Geojit Financial Services said in a report. Also read: Share Market Live! Sensex, Nifty flat; Rupee hits new all-time low vs USD; RCom cracks "Oil prices fluctuated as the main focus were on the US sanctions on Iran while US dollar got a boost from the Fed comments and recent trade talks between US and Mexico. In domestic front, Aug Currency expiry is due today while Q1 GDP is scheduled to be released on 31 Aug," the report said. "For the local currency, 70.9 will be a major level while on the other side 68.80 is the level to focus above which Rupee is likely to hit 67.90," it added. On Wednesday, the rupee had slipped\u00a0almost 22 paise to 70.32 against the US dollar in opening trade, hurt by fresh demand for the American currency from importers. Fresh demand of the US currency from importers and dollar's strength against some currencies overseas weighed on the domestic unit, said a PTI report quoting forex dealers traders.