The rupee depreciated by 16 paise to a record low of 77.60 against the US dollar

The rupee lost 16 paise against the US dollar on Wednesday, closing at a fresh low of 77.60, amid relentless foreign fund outflow and a strong greenback in overseas markets.

In the interbank foreign exchange market, the rupee opened lower at 77.57 and later reached a day low of 77.61 as the dollar depreciated in global markets following the harsh remarks of US Federal Reserve Chief Jerome Powell.

Crude oil prices also rose more than 1 percent, weighing on the rupee.

The local unit finally ended its all-time low of 77.60, down 16 paise from its previous close of 77.44.

“The dollar index has found support near 103.50 and has seen profit booking from higher levels of the capital market, sending the rupee into weakness,” said Jatin Trivedi, VP Research Analyst at LKP Securities.

The head of the US Fed stressed that the central bank would raise interest rates as needed to curb a spike in inflation that threatens the very foundations of the economy.

The dollar index, which measures the strength of the greenback against a basket of six currencies, is trading 0.3 percent higher at 103.59.

Global oil benchmark Brent crude futures rose 1 percent to $ 113 a barrel.

Meanwhile, the 30-share BSE Sensex fell 109.94 points, or 0.20 per cent, to 54,208.53. During the day, it reached a high of 54,786 and a low of 54,130.89.

The broader NSE Nifty ended 19 points, or 0.12 percent, lower at 16,240.30.

According to the stock exchange, foreign institutional investors remained net sellers in the capital market on Tuesday as they offloaded shares worth Rs 2,192.44 crore.

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