The Indian rupee lost ground against the U.S. dollar in the evening session on Monday, following the resignation of Reserve Bank of India Governor Urjit Patel citing personal reasons.
The resignation is effective with immediate effect.
"On account of personal reasons, I have decided to step down from my current position effective immediately," the Governor said in his letter.
The resignation came as result of the rift with the government on issues relating to liquidity management, usages of excess reserves and limitations on NPA-laden banks.
Patel, who was appointed for a three-year term in 2016, was to end his term in September 2019.
The rupee has been already trading lower on higher oil prices as well as weak global cues and anxiety ahead of the outcome of assembly election results.
Risk sentiment took a hit after the exit poll predictions for five states left the Congress jubilant and the ruling Bharatiya Janata Party worried going into 2019 election.
Global shares fell as weak data from China and Japan, Italy's budget dispute with the European Union and heightened trade worries sapped investors' appetite for risk.
The rupee was down 1.6 percent at near a 4-week low of 72.47 against the greenback after the news. The rupee ended Friday's trading at 71.30 per greenback. The rupee is seen finding support around the 74.00 region.
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