Rupee settles with heavy losses on Monday

Indian rupee ended considerably weaker against the US dollar on Monday, as oil prices skyrocketed as the global oil supply was affected after drone attacks on Saudi Aramco's oilfields.

Rupee sentiment remained fragile with the Commerce Ministry’s data report showing that India's exports dropped by 6.05 per cent to US$ 26.13 billion in August compared to the year-ago month. Imports too declined by 13.45 per cent to US$ 39.58 billion, reducing the trade deficit to US$ 13.45 billion in August.

Meanwhile, the weak trade in the local equity market along with a strong dollar against major global currencies also weighed on the local unit. On the global front, pound fell nearly half a percent on Monday on account of concerns that Britain will struggle to secure a deal on the terms of its departure from the European Union.

Owing to subdued global cues, the rupee, finally, ended the Monday session at 71.60, 68 paise weaker from its previous close of 70.92. During the session, the Indian currency touched a high and low of 71.41 and 71.63 respectively.