The Indian rupee closed at 74.07 (74.0650) to a US dollar, 30 paise weaker than its previous close of 73.77, on Monday. The Indian currency opened the day’s trade at the Inter-Bank Foreign Exchange Market at 73.96 against the greenback.
For past several days, the Indian rupee is continuing the unprecedented downward spiral. On Friday, it sunk to an all-time low of 74.20 against the US dollar.
Economists have warned that the rupee could slide further in November with Iran sanctions supposedly beginning the period in between.