You are here: Home » Markets » News
Business Standard

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

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

Press Trust of India  |  Mumbai 

Illustration by Ajay Mohanty

The 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 market sentiment.

Brent 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

ALSO READ: Rupee weakness may push Reserve Bank to tighten monetary policy

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

First Published: Mon, September 03 2018. 17:22 IST