The dismal saga of the Indian rupee continued as it closed at a new record low of 72.18 against the US dollar on Monday. The steady weakening of the currency has been attributed to rising oil prices and the escalating trade feud between the US and China, while other global currencies are also registering a parallel fall.
The dirham has emerged stronger as the rupee traded as 19.69 at 8.20 am, an unprecedented low for the Indian currency.
The weakening of the rupee had some far reaching fiscal ramifications with the key Indian equity indices opening in the negative. Thus, there were negative cues in the world market. The wider Nifty 50 on the National Stock Exchange traded at 11,546.65 points, registering a low of 42.45 points or 0.37 per cent today at 9.35 am.
Meanwhile, the S&P BSE Sensex, which was at 38,348.39 points was trading at 38,213.84 points. This was lower by 175.98 points or 0.46 per cent than the previous one.