The rupee has been weakened due to concerns about the Turkish lira
The Indian rupee stands at 69.55 to the dollar, after opening the day at a record low of 69.47 INR.
According to XE.com, the rupee stands at 18.93 INR to the dirham at 11:45 AM UAE time.
The rupee fell 66 paise in early trading after a previous close of 68.83 INR to the dollar.
On Friday, the rupee ended trading at 69.83 INR to the dollar, after losing 15 paise.
Historical statistics from FXExchangeRate.com indicate that Monday’s opening rate is the lowest recorded since in the last year.
Experts have said that the weakness of the rupee will signal that remittances sent home to India will increase, even if some non-resident Indians wait to see if the currency will fall further.
The strength of the Indian rupee has been weakened because of concerns over the Turkish lira, which has fallen 45 percent against the dollar this year, in the midst of the Turkish government’s ongoing diplomatic spat with the United States and increased control over the country’s economy.
Additionally, the benchmark Sensex dropped 284.27 points – 0.75 percent – to 37,584.96 as trading opened today.