The Indian rupee in Monday morning trade opened at a new record low of 72.18 against the dollar, depreciating further by 45 paise in comparison to previous day's closing of 71.73. Check currency rates here.
The rupee on Friday appreciated slightly against the US dollar ahead of the release of non-farm payrolls data in the US which highlighted that the US economy added 201,000 jobs in the month of August.
Conversely, rate of unemployment also went lower marginally to 3.9% in August as against 3.8% in the month of July. Robust employment outlook further provided boost to the dollar against other major crosses as prospects of the rate hike by the Federal Reserve twice this year have gained ground.
As per reports, USD-INR pair is estimated to trade in the range of 72.05 and 72.50.
Meanwhile, taking cues from the sharp fall in the rupee and subdued global markets, Indian stock market opened weak. The Sensex at the opening dropped by 41 points or 0.11% to start at 38,348 while Nifty 50 also declined by 19 points and opened at 11,570.
Axis Bank shares jumped 5% in morning trade after the company's announcement that HDFC Life's Amitabh Chaudhary will take over as the new CEO and MD. The stock in trade reached a high of Rs. 675.
Top losers on the Nifty include Ultratech Cement, Power Grid, BPCL, Kotak Mahindra and Indusind Bank.
SunPharma is another top loser in trade today as reports about fresh inspection by the US FDA at the company's Mohali facility have been known.