Indian Rupee Hits 4-day Low Against U.S. Dollar
(RTTNews) - The Indian rupee dropped against the U.S. dollar in afternoon deals on Monday, as regional stocks fell, tracking weak global cues.
The benchmark S&P BSE Sensex fell 335 points, or 0.58 percent, to 57,091, while the broader NSE Nifty index was down 127.25 points, or 0.74 percent, at 16,967.
Investors reacted negatively to higher-than-expected U.S. inflation for August that triggered concerns over a recession.
Oil prices climbed as the Organization of Petroleum Exporting Countries and its allies is expected to cut output of up to 1 million barrels per day when it meets on Wednesday.
The Indian weakened to a 4-day low of 81.87 against the greenback. The currency is seen locating support near the 82.00 mark.
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