The Indian rupee closed at a record closing low against the US dollar on Monday.
The rupee closed flat at Rs 83.97 after opening little changed at Rs 83.95 against the US dollar, according to Bloomberg. It had closed at Rs 83.96 on Friday.
The US dollar index rose 0.05% to trade at 103.18 at 3:37 p.m., Brent crude rose 0.87% to trade at $80.38 at 3:39 p.m. US oil refiners are throttling back operations at their facilities this quarter, adding to concerns that a global glut of crude is forming.
US markets displayed a calmer demeanour as angst over the potential economic downturn caused by Federal Reserve rate cuts faded.
The Reserve Bank of India will protect the rupee at around Rs 83.96 this week, according to Anil Bhansali, executive director of Finrex Treasury Advisors LLP.
Markets now await the US CPI inflation data on Wednesday, Bhansali said.
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