Rupee falls to a record low of 78.96 against the US dollar

On Wednesday, the rupee opened lower against the dollar as renewed focus on the weak economic outlook prompted losses in Asian currencies and stocks.

The rupee fell 48 paise to a record low of 78.85 against the US dollar on Tuesday.

The rupee has lost 1.87 percent so far this month and 6.28 percent since the beginning of the year.

On Tuesday, Brent crude oil fell below $116 per barrel for the first time since November 2014, while the dollar fell against a basket of major currencies.

Domestically, the 30-share Sensex was down 0.89 percent at 52,703.40, while the broader NSE Nifty was down 137.75 points, or 0.87 percent, at 15,712.45.

On Tuesday, foreign investors were net sellers in the capital market, offloading shares worth 1,244.44 crore.