The Indian rupee on Monday weakened beyond the 78 mark for the first time to hit a fresh record low against the US dollar, tracing losses in global equities and currency markets. The continuous outflows by foreign investors into the local equities and surging crude oil also dampened the sentiment.
At 10am, the domestic currency was trading at 78.22, down 0.48 percent from its previous close. The home currency opened at 78.12 and hit a fresh all time low of 78.28 a dollar.
FII's sold $23.87 billion in domestic equities so far this year amid higher crude that continues to stock worries about higher inflation and fiscal deficit.
Global markets plunged after Friday's inflation shock raised speculation of a more aggressive rate hike by the US federal reserve, which meets this week.