The Indian rupee has hit a record low against the dollar, as fears about the global economy and the eurozone have provoked further selling of the currency.

The rupee plunged to 52.73 against the dollar on foreign exchange markets Tuesday.

The weakening currency is expected to increase domestic inflation because imports priced in dollars, such as oil, will become more expensive. That will mean higher prices for consumers and businesses.

India is already struggling with high inflation.

The rupee is the worst-performing of Asia’s 10 most-traded currencies, having fallen about 15 percent against the dollar this year.