Rupee drops to record low of 79.62 against U.S. dollar

Crude oil prices trading near $100 per barrel level, however, supported the Indian currency, forex dealers said

The rupee depreciated by 3 paise to close at a record low of 79.62 (provisional) against the United States currency on Wednesday following a firm dollar in overseas markets and losses in the domestic stock markets.

Crude oil prices trading near $100 per barrel level, however, supported the local unit, forex dealers said.

At the interbank forex market, the local unit opened strong at 79.55 against the greenback but could not hold on to gains and slipped in the negative territory. It witnessed an intra-day high of 79.53 and a low of 79.68.

It finally settled at 79.62 (provisional), down paise over its previous close of 79.59.

The dollar index, which measures the greenback's strength against a basket of six currencies, advanced 0.09% to 108.17.

On the domestic equity market front, the BSE Sensex ended 372.46 points or 0.69% lower at 53,514.15, while the broader NSE Nifty fell 91.65 points or 0.57% to 15,966.65.

Meanwhile, Brent crude futures, the global oil benchmark, rose 1.21% to $100.69 per barrel.