Markets open in red as fuel prices surge, rupee hits record-low

The markets opened in red on Thursday with the Sensex witnessing a sharp fall of 614.47 points to open at 35,361.16. While Nifty came down 155.10 points to start at 10,703.20.All sectoral indices traded in red, except for the metal sector, which has been rising for the last couple of sessions.

Indian rupee opened at a fresh record low of 73.76 per US dollar, maintaining the downward trend as Wednesday also witnessed a fall of 43 paise in comparison to the rate on Monday.

The rupee also ended at a record closing low on Wednesday, down by 43 paise versus Monday's closing.

Fuel prices also saw a steep rise in many parts of the country today, burning a hole in the common man's pocket.

Continuing the upward trend, petrol price in the national capital witnessed a fresh hike of 15 paise and is being sold at Rs 84 per litre. The cost of diesel was also hiked by 20 paise with the price per litre reaching Rs 75.45.

In Mumbai, petrol is being retailed at Rs 91.32 a litre and diesel at Rs 80.10 per litre after being hiked by 14 paise and 21 paise, respectively. 

Meanwhile, the rupee collapsed to a fresh low of 73.77 against the US dollar Thursday, as global oil prices continued to rise, deepening concerns about the current account deficit and capital outflows. Consistent dollar demand from importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure.

Besides, state-owned oil marketing companies have been allowed to raise USD 10 billion from overseas market to meet their working capital needs.

At the interbank foreign exchange, the rupee opened lower and slipped further to a fresh low of 73.77 a dollar against 73.34, a fall of 43 paise.