The rupee slid to as low as 77.74 against the US dollar on Thursday, weighed down by a market-wide sell-off in equities and sustained foreign fund outflows. It began the day lower at 77.72 against the greenback, declining by 14 paise compared with its previous close.
The dollar index — which gauges the greenback against six peers — was down 0.2 percent at 103.7 at the last count as US Treasury yields rose amid concerns about aggressive hikes in pandemic-era interest rates.
Crude oil rates moved higher as concerns over tight supply outweighed concerns over slowing economic growth. Brent futures rose by $1.7 to $110.8 a barrel. WTI futures moved higher by $1.3 to $108.3 a barrel.
Amit Pabari, Managing Director at CR Forex Advisors, expects major overnight losses on Wall Street to add pressure on the rupee.
On Wednesday, the rupee had hit a record closing low of 77.61 against the American currency.