Rupee hits record low tracking crude rise, weak shares

The Indian rupee hit a record low against the U.S. dollar on Thursday as the relentless surge in global crude oil prices raised concerns of a sustained rise in imported inflation, while weakness in domestic shares also hurt.

The partially convertible rupee was trading at 77.78/79 per dollar after touching a record low of 77.81. The previous life low of 77.7975 was touched on May 17.

Oil prices held firm near 13-week highs on Thursday after China reported stronger-than-expected exports in May, although new Shanghai lockdown restrictions capped gains.

Indian shares were trading slightly lower but foreign investors have remained net sellers of equities in recent months.