Indian rupee on Monday opened at a record low of 96.17 against Friday’s close of 95.97 against the US dollar. The Indian rupee weighed down amid the continued pressure from the crude oil price spike, the strengthening of dollar and persistent foreign exchange outflow.
According to the Indian media, Brent crude prices jumped more than 2 percent overnight to trade at $111 per barrel, after a nuclear plant in the United Arab Emirates (UAE) was attacked, and further efforts to come up with a peace deal with the United States and Iran came under jeopardy.
Also, there was no notable outcome in the meeting between US President Donald Trump and Chinese Premier Xi Jinping.
Additionally, a rise in the US dollar following strong economic data from the US has dented sentiment for emerging market assets, including the Indian rupee.