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Rupee slumped to a new low of 76.91 per dollar on Wednesday on the back of a broad-based strength of the greenback.
Weakness in the oil prices and volatility in the global and domestic stock markets weighed on the factors behind depreciation of the Indian currency.
The rupee, has however, recovered and is currently trading around 76.80, against the previous close of 76.83 per dollar.
Outflow of foreign institutional investments also is a major reason for the weakness in rupee. On Tuesday, foreign investors sold stocks worth Rs 2,095.23 crore.