The Indian rupee fell 8 paise to Rs.77.76 against the US dollar on Thursday, driven down by rising crude oil prices and continued outflows of foreign money.

The rupee opened lower against the greenback in the interbank foreign exchange market, at Rs.77.74, and eventually finished at Rs.77.76, down 8 paise from its previous level.  The rupee hit an all-time low of Rs.77.81 versus the US dollar during the session.

The Reserve Bank of India (RBI) hiked its key interest rate by 50 basis points on Wednesday, the second increase in five weeks, to curb price increases that it believes will continue to harm consumers in the near future. The rate increase follows a 40 basis point hike by the RBI at an unexpected meeting on May 4.

Brent crude prices fell 0.23 percent to $123.29 a barrel, the global benchmark.

ON the Indian share market front, the BSE Sensex surged 428 points, or 0.78 percent, to close at 55,320, while the broader NSE Nifty rose 122 points, or 0.74 percent. According to stock exchange data, foreign institutional investors were net sellers in the capital market on Wednesday, offloading shares worth Rs.2,484.25 crore.

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