Mumbai, December 4: The rupee slumped by 7 paise to hits its lowest-ever closing level of 84.75 against the US dollar on Wednesday amid a strengthening greenback and increase in crude prices. Forex traders said a positive trend in domestic equity markets and foreign fund inflows supported the local unit at lower level.

At the interbank currency exchange, the rupee opened at 84.66 and traded in the range of 84.65-84.76 during intra-day. The unit ended the session 7 paise lower at an all-time low of 84.75 against the dollar. The rupee closed at 84.68 against dollar on Tuesday. The currency's previous lowest closing level of 84.72 was recorded on December 2. Centre Giving Away INR 46,715 As Aid to Every Citizen? PIB Fact Check Debunks WhatsApp Message.

Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said, the rupee lost initial gains amid strong dollar and a positive tone in crude oil prices. "Dollar strengthened amid upbeat JOLTS (Job Openings and Labor Turnover Survey) data from the US and disappointing Caixin Services PMI data from China, he said, adding, "USD-INR spot price is expected to trade in the range of Rs 84.50 to Rs 85."

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.11 per cent at 106.47. Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said the dollar index rose as euro, pound and yen fell. "For tomorrow the rupee looks to be in the range of 84.50 to 84.80 with RBI supporting it at 84.75-80 levels," he added. UPI Transactions Reach Record High 16.58 Billion Mark and Value of INR 23.40 Lakh Crore, Likely To Touch 25 Billion a Month in 2025.

Brent crude, the global oil benchmark, surged 0.83 per cent to USD 74.23 per barrel in futures trade. On the domestic equity markets, Sensex climbed 110.58 points to settle at 80,956.33, while Nifty was marginally up 10.30 points to 24,467.45. Foreign Institutional Investors (FIIs) remained net buyers in the capital markets for the second straight session on Wednesday, purchasing shares worth Rs 1,797.60 crore, according to exchange data.