The rupee hit a record low at 70.52 against the US dollar on Wednesday, hurt by fresh demand for the American currency from importers.

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In early trade, the rupee had weakened 22 paise to 70.32, and had slipped to 70.39, against the US dollar.

Traders said besides fresh demand of the US currency from importers, dollar's strength against some currencies overseas weighed on the domestic unit.

The Reserve Bank of India (RBI) likely sold dollars, though the force was mild, two senior forex officials at state-run banks told Reuters."The RBI is not trying to protect any level unlike when the rupee was at 69 and it was trying to protect that level," an official told the agency.

Yesterday, the local currency had bounced back in a tepid fashion from the record closing low, gaining 6 paise to end at 70.10 against the US currency.

Meanwhile, the benchmark BSE Sensex rose nearly 100 points to hit another record of 38,989.65, and Nifty too hit a peak of 11,751.05, up 12.55 points or 0.11 percent.

First Published:Aug 29, 2018 9:55 AM IST