Brent crude, the global oil benchmark, eased 0.35 per cent to USD 110.59 per barrel in futures trade.
The rupee slid 20 paise to hit a record low of 96.80 against the US dollar in early trade on Wednesday, weighed down by a strengthening greenback and elevated crude oil prices amid lingering Iran-US tensions.
Traders said persistent foreign fund outflows and weakness in domestic equities further pressured the local currency.
At the interbank foreign exchange market, the rupee opened at 96.89 and slipped to an all-time low of 96.90 against the dollar, down 20 paise from its previous close.
Domestic benchmark indices also traded sharply lower in early deals. The BSE Sensex fell 517.11 points to 74,667.51, while the NSE Nifty dropped 152.45 points to 23,475.80.
Meanwhile, the dollar index, which measures the greenback against a basket of six major currencies, was marginally up 0.01 per cent at 99.262. Brent crude, the global oil benchmark, eased 0.35 per cent to USD 110.59 per barrel in futures trade.
Foreign Institutional Investors (FIIs) turned net sellers after three straight sessions of buying, offloading equities worth Rs 2,457.49 crore on Tuesday, according to exchange data.
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