The Indian rupee plummeted to a new low of 71.20 against the US dollar at closing today (around 5:10 pm), reflecting a weakening trend in emerging market currencies.

A surge in global oil prices, concerns over US-China trade war and contagion risks from Turkey and Argentina's fall in currency valuations have impacted the forex market sentiments. The rupee's last recorded low was 71 against the dollar on 31 August 2018.

Meanwhile, the BSE Sensex erased all its early gains to end lower by about 333 points in see-saw trade on Monday, posting fourth straight session fall due to widespread selling in FMCG, realty, power and banks stocks amid the rupee hitting yet another record low. Weakening global cues, triggered by continuing trade war spats between the US and China, too impacted domestic market sentiment.

The currency's fall has raised concerns on the macroeconomic front. Adding to the woes, the country's manufacturing sector activity eased for the second consecutive month in August.

Fuel prices across all the cities today hit new all-time high with Mumbai recording the highest rate at Rs 86.56 per litre for petrol- the highest rate in any city in India till date.