The rupee extended its losses from morning trade to close at an all-time low of 77.50 against the dollar on Monday, reported PTI. The currency had opened at 77.17 against the US dollar when trading started at the foreign exchange market on Monday morning. On Friday, the rupee had finished trading at 76.90.
Analysts said that the decline was due to a slump in the foreign markets. The United States-based stock markets, including NASDAQ and S&P 500, Tokyo’s Nikkei 225 and Hong Kong’s Hang Sang made losses on Monday.
“Asian markets got off to a shaky start on Monday as US stock futures took an early skid on rate worries, while a tightening lockdown in Shanghai stoked concerns about global economic growth and possible recession,” Deepak Jasani, the head of retail research at HDFC Securities, told Reuters.
Sriram Iyer, senior research analyst at Reliance Securities, told PTI that besides the sell-off in the global markets, concerns about the economic outlook and rising bond yields also weighed in on investors’ sentiments.
On the domestic front, the 30-share Sensex lost 364.91 points to close at 54,470.67, while the broader 50-share NSE Nifty finished trading at 16,301.85, down 109.40 points. Both the indices lost close to 0.70%.
Major stocks like Reliance Industries, State Bank of India, Tata Steel, ITC and Hindustan Unilever made losses in the range of 1.4% to 4%.