The Indian rupee dropped to a record low in early trade on Monday tracking gains in the US dollar after disappointing data from China and slightly better-than-expected US jobs data.
Traders are on watch of any intervention from the Reserve Bank of India (RBI). There has been little indication that RBI has intervened to prevent rupee weakness in recent sessions, according to traders.
The partially convertible rupee was trading at 57.53 per dollar after hitting a record previous all-time low of 57.32 hit in June 2012. The rupee had closed at 57.06/07 on Friday.
Falling Rupee will have major impact on imports of coal and ferrous scrap although Iron ore exporters are not likely to benefit from it.
Reurters
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