The U.S. Federal Reserve and the Bank of England (BoE) are expected to raise interest rates to control inflation. In anticipation of this increase, the South African rand fell early Monday.

At 0634 GMT, the rand was trading at 16.0300 to the dollar, down 1.01% from its previous close, its lowest level in nearly four weeks. The Dollar Index, which measures the greenback against a basket of six major counterparts, was up slightly at 104.5 as hot U.S. inflation data for May released Friday pushed up Treasury yields.

The Indian rupee, meanwhile, is at a record low. The partially convertible Indian rupee was trading at 78.13/14 to the dollar at 0620 GMT, after hitting a lifetime low of 78.28. The rupee ended at 77.8325 on Friday, having hit its previous lifetime low of 77.8750.