The Indian rupee today hit a new record low of 70.32 to the dollar, as lingering worries over economic chaos in Turkey and strength in the dollar across a basket of currencies weighed on the Indian currency.

The rupee was last seen trading at 70.25 to the dollar, a drop of more than 30 paise over Tuesday's close, while the 10 year bond yields were placed at 7.84 per cent.

Equities also opened lower with the benchmark indices sliding amidst reports of a weak currency.

The Sensex was trading with losses of 167 points, while the Nifty was lower by 44 points. Oil marketing companies saw good gains, after a near 3 per cent fall in global crude oil prices. HPCL, BPCL and Indian Oil were all trading with gains.

Sun Pharma rose for the third straight day after a superb set of numbers reported. The company also received a green signal from the U.S FDA for CEQUA.

Shares in Kotak Mahindra Bank dropped almost 3 per cent, after regulatory hurdles.

Meanwhile, there were reports that China's vice commerce minister will visit America for trade talks in late August.

Equities were trading lower in most Asian markets after briefly reversing declines as news broke of the proposed meeting.