Rupee hits record low of 94.56 against US dollar amid oil prices, FII outflows

• The rupee breached the 94.50-mark for the first time, hitting a record low of 94.56 against the US dollar.
• Elevated oil prices, a stronger greenback, and no breakthrough in the West Asia conflict contributed to the decline.
• Sharp decline in domestic equity markets and sustained FII outflows further pressured the local unit.
• The rupee opened at 94.18 and slid to 94.56 during intra-day trade, down 60 paise from its previous close.
• Exporters held inflows while importers bought dollars, pushing the rupee past 94.50, according to Anil Kumar Bhansali.