Rupee hits record low as equity market attempts recovery 

Indian rupee hit a fresh record low in the afternoon session today amid a rally in the equity market. After breaching the key 90 mark against the US dollar in early deals, the rupee slipped 60 paise to a fresh low of 90.47 against the US dollar. Analysts attribute high demand for dollar and a delay in the India-US trade deal for the rupee crash.

The prevailing risk-averse market sentiment, compounded by a high US dollar demand from precious metal importers, led to the Rupee's downward trajectory.

Dilip Parmar – Senior Research Analyst, HDFC Securities said, "Near-term technical levels for the spot USDINR pair indicate a key support at 89.70 and immediate resistance at 90.30. The bias remains positive for the pair until 89.30 breaks."

Meanwhile, Nifty surged 131 pts to 25,889 and Sensex rose 384 points to 84,775 in the afternoon session. The market has been falling for the last three sessions with investors losing Rs 8 lakh crore on BSE.