Rupee weakens further against US dollar, hits fresh low of 71.10

The Indian rupee nosedived to a new life-time low of 71.10, shedding 10 paise against the US dollar in late afternoon trade on Monday, tracking weakening trend in emerging market currencies.

A surge in global oil prices, concerns over US-China trade war and contagion risks from Turkey and Argentina are the factors impacting forex market sentiment.

Brent crude oil moved up by 0.57 per cent 78.08 a barrel.

The rupee's previous record low was 71, marked on August 31.

Meanwhile, the BSE Sensex fell over 332.55 points to end at 38,312.52 and the NSE Nifty dipped below the 11,600-level by losing 98.15 points to close at 11,582.35 on Monday on heavy losses in FMCG, realty, power, banking, auto, oil & gas, PSU, IT, teck, infrastructure and capital goods counters amid a global rout in equity markets.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 2.12 billion Friday, as per provisional data.