Rupee hits record low as Nifty IT crashes 3.6% and oil surges to 105

Crude at 105 and rupee slump corner IT margins

The Nifty IT index fell sharply on Tuesday, dropping 3.58% to around 28,358 points, as the Indian rupee slid to an all-time low of 95.32 against the dollar. Foreign fund outflows and a jump in global crude prices to about $105 fueled margin fears, pulling down major names like TCS and Infosys during mid-day trade.