Rupee hits record low against US dollar for fourth straight day

The rupee opened at a record low of 79.71 against the US dollar on Thursday as the greenback held near two-decade highs. Easing oil prices and a largely positive trend in domestic equities, however, lent some support to the rupee.

Global oil prices edged lower on Thursday as US inflation data brought back concerns about steep hikes in COVID-era interest rates and their impact on economic growth. Brent futures fell as much as 1.3 percent to $98.3 a barrel. West Texas Intermediate (WTI) futures followed suit, down 0.9 percent at $95.5 a barrel.

The dollar Index — which gauges strength in the US currency against six peers — climbed half a percent to 108.3.

Domestic equity benchmarks BSE Sensex and NSE Nifty50 made a largely higher start on Thursday.

The rupee had settled at 79.63 against the US dollar in the previous session.