With today's fall, the rupee has hit the lowest level since November 14, 2018.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.31 per cent to 97.94 after the euro and the pound dropped.

However, reassuring comments by the world's two largest economies - the US and China - on Monday that they are willing to resolve issues through calm negotiations helped the currencies pare their losses.

The assurance also supported the crude oil prices with the benchmark Brent crude gaining 0.64 per cent to $59.72 per barrel.

Chinese Vice Premier Liu He said that his country was willing to resolve the trade dispute with the US through "calm" negotiations.

US President Donald Trump said that the US and Chinese trade negotiators would "very shortly" resume talks in what he described as a breakthrough in the two economic superpowers' trade war.

Foreign investors remained net sellers in the equity market offloading stocks worth Rs 752.9 crore on a net basis on Monday, NSE's provisional data showed.

However, the S&P BSE Sensex and NSE Nifty 50 indexes on Monday staged their biggest single-day gain since May 20, after the government announced measures to boost the slowing economic growth.

The Sensex surged 793 points to close at 37,494 and the NSE Nifty 50 index jumped 228 points cent to settle at 11,058.