Indian rupee touched a record low of 87.5525 against the US dollar due to higher dollar index and rising crude oil prices, which increases the demand for dollars from oil marketing companies, currency experts said.
The local currency open around 6 paise down at 87.5137 against the US dollar and then touch record low of 87.5525 against the US dollar, as compared to 87.4600 at previous close against the greenback.
The dollar index, which measure American currency's value against six major global peers, rose to 107.655 in the early trade, against 107.579 in the previous session.
Brent crude oil prices rose in early Asian trade after Saudi Arabia's state oil company sharply raised March oil prices.
Saudi Aramco, the world's leading oil exporter, on Wednesday announced it would sharply increase prices to buyers in Asia for March delivery amid rising demand from China and India as U.S. sanctions disrupt Russian supply.
Brent crude oil prices were trading at $74.72 per barrel, up 11 cents or 0.15 percent.
Amit Pabari, managing director at CR Forex Advisors said the rupee is likely trade at an elevated levels between 87.20-87.60, with 87.20 acting as a support.
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