Rupee slips 12 paise to close at 72.55 against US dollar

The rupee weakened by another 12 paise to close at 72.55 (provisional) against the US dollar on Wednesday, weighed down by a massive selloff in domestic equities and spike in global crude oil prices.

Besides, strengthening American currency in the overseas market amid foreign fund outflows also impacted the domestic unit, forex dealers said.

At the interbank forex market, the domestic unit opened weak at 72.51 against the US dollar. During the session, it swung between a high of 72.51 and a low of 72.69.

The rupee finally settled at 72.55, registering a fall of 12 paise over its previous close.

On Tuesday, the domestic unit had settled at 72.43 against the American currency.

On the domestic equity market front, the 30-share BSE benchmark Sensex crashed 871.13 points to end at 49,180.31, and the broader NSE Nifty dived 265.35 points to 14,549.40.

Global oil benchmark Brent crude advanced 3.08 per cent to USD 62.66 per barrel.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.13 per cent to 92.46.

Foreign institutional investors were net sellers in the capital market on Tuesday as they sold shares worth Rs 108.24 crore, as per exchange data.