Rise in crude oil prices, outflow of foreign funds, increase in COVID-19 cases and heavy selling in domestic equities also affected the domestic currency.
The rupee weakened in opening trade on Monday and fell below the US $ 75 level in early trade on Monday.
In addition, rising domestic prices, outflow of foreign funds, spiking COVID-19 cases and heavy selling in domestic equities weighed on the domestic currency.
In interbank foreign exchange, the rupee opened at 74.97, then lost further ground and fell to 75.14 against the US dollar, a decline of 41 paise at its previous close.
The Indian rupee had closed at 74.73 against the US dollar on Friday.
Reliance Securities said that the rupee weakened against the US dollar in the face of inflationary pressures of the economy tonight.
Meanwhile, India set a new coronovirus infection record with 1,68,912 new cases, its highest ever single-day rise, according to official figures, taking the total number of cases to 1,35,27,717.
Meanwhile, the global oil benchmark Brent crude futures rose 0.05% to $ 62.98 a barrel.
Foreign Institutional Investors (FIIs) remained net sellers in the capital market, according to provisional figures of ₹ 653.51 crore on Friday.
On Monday, the Sensex opened 1,357.46 points down at 48,233.86 and the Nifty opened 402.35 points down at 14,432.50 with a weak signal on Monday.
Meanwhile, US consumer price figures will be released on Tuesday, while investors will also wait for Federal Chair Jerome Powell’s speech Wednesday at the Economic Club of Washington, the note said.
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