The rupee today hit a new record low of 72.90 against the dollar, plunging further by 21 paise over Tuesday's close.

A sharp rally in crude, continued to weigh on sentiments for the rupee this morning. Benchmark stock indices have also plunged in the last few days, on sustained weakness in the rupee.

Worries that the US Fed would hike interest rates, has also been weighing on sentiments in the currency market.

Meanwhile, the Sensex was trading with gains of 11 points, while the Nifty was trading with gaines of 2 points. Oil marketing stocks were seeing severe selling pressure, following a sharp downturn in the rupee and rising crude prices.

However, IT stocks saw some gains in trade, following weakness in the rupee. Check rupee rates against world currencies

Meawnhile, bonds extended losses for third day as yields climbed to 8.21 per cent, levels that have not been seen since November 2014.