The rupee hit a record low of 79.67 against the US dollar on Wednesday as strength in the greenback, which hovered near a two-decade high, and rising oil prices put pressure on the domestic currency.

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Global oil prices surged on Wednesday, with the benchmark Brent futures gaining as much as 7.1 percent to $106.6 a barrel. West Texas Intermediate (WTI) futures followed suit, and climbed around half a percent to $96.4 a barrel.

The dollar Index — which gauges strength in the greenback against six peers — rose 0.2 percent to 108.1.

One can expect the dollar index to remain volatile ahead of the release of inflation data from the US, said Rahul Kalantri, VP Commodities at Mehta Equities.

"We expect the rupee to remain volatile this week and could hold its key support level of 80.05," he added.

The rupee had settled at 79.60 against the US dollar on Tuesday.

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First Published:Jul 13, 2022 1:33 PM IST