The rupee hit a record low of 79.38 against the US dollar on Monday amid strength in the dollar overseas and weakness in domestic equities. However, easing crude oil prices limited the downside in the rupee.

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Global oil prices edged lower on Monday as tight supply concerns and fears of recession worried investors.

Brent futures were down one percent at $106 a barrel. West Texas Intermediate (WTI) futures were down 1.2 percent at $103.5 a barrel.

"The USD-INR (pair) is poised for rapid ascent to 79.9, followed by 81, with downside risk marker placed at 78.9 or 78.5," said Anand James, Chief Market Strategist at Geojit Financial Services.

He also said that the pair's inability to float above 79.25 could prompt slippages until 79.11 before bargain buying resurfaces.

The dollar Index — which gauges strength in the greenback against six peers — rose half a percent to 107.2.

Domestic equity benchmarks BSE Sensex and NSE Nifty50 fell on Monday, tracking a largely negative trend across global markets, dragged by financial, IT and auto shares.

The rupee had settled at 79.25 against the US currency on Friday.

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