Indian Rupee Hits Fresh Low, Falls Past 81.6 Versus U.S. Dollar
The Indian rupee resumed its slide to hit another record low against the U.S. dollar.
The Indian rupee resumed its slide to hit another record low against the U.S. dollar.
The currency opened at 81.54 against the greenback, falling as much as 0.7% compared to Friday's close of 80.99.
Through the day, the rupee fell as much as 67 paise to 81.66, before closing 0.78% lower at 81.62.
On Friday, the rupee had slid past the 81 mark for the first time, as the U.S. dollar continued to strengthen.
"The hawkish Fed outlook, political instability in China, and the selloff in the pound after the tax-cut announcement are also disturbing the overall market sentiments," said Gaurang Somaiya, forex and bullion analyst at Motilal Oswal Financial Services Ltd. "This week, the RBI will release its policy statement and that is likely to influence the rupee, which is currently falling sharply against the dollar."