The rupee on Wednesday hit a record low of 79.67 against the US dollar, reported Reuters. The currency continued to record new lows for the third straight session amid foreign fund outflows.

In the previous trading session, the rupee had fallen to 79.59 against the dollar.

During the intra-day trade on Wednesday, the rupee had recovered marginally as oil prices fell below $100 (Rs 7,960.60) and domestic stocks opened on a positive note, reported NDTV. However, it fell to the record low amid the sell-off and as equity market failed to carry forward the morning gains.

The BSE Sensex closed at 53,514.15 after falling 372.46 points, or by 0.69%. The 50-share NSE Nifty ended at 15,966.65, dropping 91.65 points, or 0.57%.

A senior trader at a private bank said that the rupee may soon fall to 80 against the dollar, Reuters reported. “The only force holding it back from falling there is the [Reserve Bank of India],” the trader said. “But with most other Asian currencies falling, we should get there sooner rather than later.”

On Tuesday, government data showed that retail inflation fell marginally to 7.01% in June from 7.04% in May.

Meanwhile, the growth in India’s industrial production was recorded at 19.6% in May as compared to 27.6% in the same month last year