Rupee hits record low of 94.05 against US dollar amid FII outflows

• The rupee slumped 29 paise to close at a record low of 94.05 against the US dollar on Wednesday.
• Heavy FII outflows and simmering tensions in West Asia kept investors on edge, contributing to the decline.
• Even a drop in global crude oil prices, a weaker greenback, and positive domestic equity markets failed to provide respite.
• The local unit opened at 93.94 and traded between 93.86-94.08 before settling at its all-time low.
• Foreign institutional investors sold equities worth Rs 8,009.56 crore on a net basis on Tuesday.