Rupee hits record low of 83 a dollar on foreign fund outflows

The rupee pared initial gains and slumped 22 paise to close at its alltime low of 83 against the US dollar on Tuesday, pressured by a strong greenback overseas and sustained foreign fund outflows.

At the interbank foreign exchange market, the rupee opened on a positive note at 82.69 against the greenback, but pared the gains and fell to an intra-day low of 83.00.

The domestic currency finally settled at 83.00, down 22 paise over its previous close of 82.78. The domestic currency had last closed at the 83-mark on October 19, 2021.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 1% higher at 104.55.

Global oil benchmark Brent crude futures inched up 0.02 percent to $85.93 per barrel.