Rupee hits record low on higher global crude prices:

In opening trade on Tuesday, the Indian rupee fell 22 paise to a record low of 78.59 against the US dollar (21.41 versus the UAE dirham) as persistent outflows of foreign funds dampen investor sentiments.

Against the American dollar, the rupee opened at 78.53 against the greenback, then trade at a 78.59-its-all-time low level, falling 22 paise from its lost close.

As compared to the US dollar, the rupee dropped 4 paise to 78.37 on Monday.

Rahul Kalantri, VP Commodities, Mehta Equities Ltd., said persistent FII selling is also putting pressure on the rupee.

It has been suggested by Kalantri that more economic sanctions on Russia could lead to higher global energy prices and pressure on currencies in emerging markets.

Kalantri predicted that the rupee would remain volatile this week, which could result in it crossing 78.55 levels.

There was a 1.20 percent rise in Brent crude futures to $116.47 per barrel, the global benchmark.

In the meantime, the dollar index, which measures the greenback’s strength against six currencies, was trading 0.01 percent lower.

Indian equity markets are in the negative zone with the 30-share Sensex trading 314.88 points or 0.59 percent lower at 52,846.40, while the broader NSE Nifty fell 101.75 points or 0.64 percent to 15,730.30 on the Indian stock exchange.

The stock exchange reported that foreign institutional investors sold shares worth Rs12.78 billion on Monday.