Rupee hits record low of 73.34 a dollar on high global crude oil prices

The Indian rupee dropped to a record low in opening deals on Wednesday as a sharp rise in global crude oil prices over the last two sessions weighed on sentiment for the local unit.

The partially convertible rupee hit 73.34 a dollar in early trade, an all-time low, and sharply lower than its previous close of 72.91. At 9:05 IST, the rupee was trading at 73.30. Markets were closed on Tuesday on account of the 150th birth anniversary of Mahatma Gandhi.

The benchmark 10-year bond yield was up 6 basis points to 8.05 per cent.

Oil prices firmed on expectations of a tighter market once US sanctions would start targeting Iran's petroleum industry from next month, although a strong dollar and rising US crude supply curbed gains. Prices, however, remain at highest levels since November 2014.