Indian rupee hits record low against UAE dirham
The Indian rupee weakened by 23 paise to hit a fresh historical low of 79.49 against the US dollar (21.66 versus the UAE dirham) on Monday amid weakness in the equity markets.
At the interbank foreign exchange market, the partially convertible rupee started trading on Monday at 79.30 against the US dollar against its Friday’s close at 79.26.
The rupee slumped to a low of 79.49 in the intra-day trade. This is the new all-time low of the value of the Indian currency against the US dollar. The rupee’s previous record low was 79.38 against the US dollar recorded last week.
The rupee closed the day at 79.48 against the US dollar. In the intra-day, it touched a high of 79.24.
The rupee has weakened amid the selling pressure in the equities markets. Indian stock market key indices, Sensex and Nifty, fell on Monday dragged by heavy selling pressure in IT and telecom stocks.
