The rupee hit a record low against the US dollar on Wednesday, amid weakness in domestic equities and strength in the greenback overseas. Easing crude oil prices — with the benchmark Brent rate hitting a one-month low — lent some support to the rupee.

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The rupee depreciated by as much as 21 paise or 0.3 percent to 78.28 against the US currency, having begun the day at 78.13.

Global oil prices fell after US President Joe Biden pushed the country's major energy firms to produce more and help bring down soaring fuel costs.

Brent futures fell as much as 5.1 percent to $108.8 a barrel and West Texas Intermediate (WTI) futures followed suit, dropping as much as 5.7 percent to $103.3 a barrel.

The dollar index — which gauges strength in the greenback against six peers — rose almost one percent.

Indian equity indices were on course to finish a third straight session in the red, dragged by losses in financial, oil & gas and IT shares, marred by sustained foreign institutional outflows. Globally, concerns persist over aggressive hikes in COVID-era interest rates and their impact on economic growth.

Foreign portfolio investors (FPIs) sold Indian shares worth a net Rs 2,701.2 crore on Tuesday, according to exchange data.

The rupee had closed at 78.07 against the American currency on Tuesday.

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