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Home / Business / Rupee falls to new low as dollar's rise continues

The Indian rupee depreciated to fresh record low on Monday amid risk aversion in equity markets, strong US dollar. Investors remain cautious ahead of RBI MPC meeting scheduled later this week. The domestic unit opened at a new record of 81.52 per dollar, down from Friday’s close of 80.99. According to analysts, rupee will tumble as risk-off sentiment takes the dollar index to 113.70 and sterling to 1.0557 against the dollar. Finance Minister Nirmala Sitharaman on Saturday said that rupee ‘held up very well’ against the US dollar in comparison to other currencies. “If any one currency that did not get into the fluctuation of volatility as much as other currencies, it is the Indian Rupee. We have held up very well against the US dollar,” Sitharaman said.