The Indian rupee on Wednesday fell below the 73 mark against the US dollar for the first time ever.
The INR fell due to high demand for the American currency from importers amid rising global oil prices and unabated capital outflows. The domestic currency dropped 43 paise to 73.34 against the US dollar in the early trade.
The rupee opened lower at 73.26 and weakened further to quote at 73.34 a dollar against its previous closing of 72.91 on Monday.
Investors remained concerned over sustained foreign capital outflows and soaring crude oil prices that crossed the USD 85 per barrel.
Forex market remained closed on Tuesday on account of Gandhi Jayanti.
Meanwhile, the BSE benchmark Sensex dropped by 137.62 points, or 0.38 per cent, to 36,388.52 in the opening trade on Wednesday.