The rupee on Tuesday cracked 99 paise to the 72.39 level against the US dollar on weak macroeconomic data and sustained outflows by foreign portfolio investors (FPI).Foreign investors offloaded a net amount of Rs 5,920 crore from the domestic capital markets in August even as the government rolled back enhanced surcharge on FPIs last week.In July, they had pulled out a net of Rs 2,985.88 crore from Indian stocks.“A depreciating rupee would make India’s imports expensive and in turn will have an adverse impact on inflation. Moreover, higher inflation is negative for the market as RBI may have to pause its rate-cutting spree and change its policy stance. A depreciating rupee can further impact the profitability of India Inc due to cost increase. We doubt GDP figures will change substantially in the near future,” said Ajit Mishra, VP Research, Religare Broking.Economic growth slowed down for a fifth straight quarter to over six-year low of 5 per cent in the three months ended June 30, as consumer demand and private investment slowed amid deteriorating global environment."The rupee depreciated by nearly Re 1 to slide past the 72 level against the dollar. US-China trade war jitters and weak GDP data lead to this fall. The currency is likely to depreciate towards 73.5 by the end of September if trade war escalates and outflows from India," said Vaqarjaved Khan, Research Analyst, Angel Broking.Weakness in domestic equity market on weighed on the forex market. BSE Sensex crashed 770 points, while the Nifty tumbled 225 points due on across the board selling as investors fretted over deepening economic crisis.Globally, most emerging Asian currencies weakened against a sturdy dollar as investors fretted over the outcome of Sino-US trade talks, reuters reported.The rupee and the Malaysian ringgit were the worst performers in the region, playing catch up with peers as both markets re-opened for trade after a holiday on Monday.The euro touched a 28-month low against the dollar on Tuesday as investors priced in deeper negative interest rates for longer in the euro zone.