Mumbai: The rupee collapsed to a fresh low of 73.77 against the US dollar Thursday, as global oil prices continued to rise, deepening concerns about the current account deficit and capital outflows. Also Read - Amid COVID Surge, US to Restrict Travel From India Starting May 4

Consistent dollar demand from importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure. Also Read - Rhea Chakraborty Expresses Gratitude Towards 'Covid Warriors', Says 'Let's Go Mumbai'

Meanwhile, state-owned oil marketing companies have been allowed to raise USD 10 billion from overseas market to meet their working capital needs. Also Read - Kareena Kapoor Khan Urges Fans To Get Vaccinated, Says 'Registration is Mandatory'

At the interbank foreign exchange, the rupee opened lower and slipped further to a fresh low of 73.77 a dollar against 73.34, a fall of 43 paise.

The domestic currency closed at a record low of 73.34, down by 43 paise or 0.59 per cent on Wednesday.

The international benchmark Brent crude breached the US 86 per barrel level, near its four-year high.

The benchmark Sensex plunged by 527.94 points, or 1.39 per cent, to 35,447.69 in morning deals.