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Indian Rupee Declines To Record Low Against U.S. Dollar

The Indian rupee lost ground against the U.S. dollar in late morning deals on Tuesday, amid a drop in regional shares, as well as surging oil prices on concerns over tightness in oil supply.

The benchmark S&P BSE Sensex tumbled 319.33 points, or 0.6 percent, to 52,841 while the broader NSE Nifty index was down 103 points, or 0.7 percent, at 15,728.

Comments from the United Arab Emirates' Energy Minister that the nation's oil production is reaching its maximum capacity lifted oil prices.

Political unrest in Ecuador and Libya, along with indications that Saudi Arabia and the UAE are operating near capacity raised supply worries.

The Indian rupee weakened to a record low of 78.68 against the greenback. The pair had closed yesterday's deals at 77.58.

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