The weakness in August came from a $9.4 billion fall in the category that covers credit cards, the sixth decline in that area starting with a $25.4 billion drop in March.
Forex traders said risk appetite could remain weak as the US Federal Reserve is projecting weak growth for 2020.
The Fed and Congress have taken far-reaching steps to try to counter what is likely to be a severe downturn resulting from the widespread shutdown of the U.S. economy.
US policymakers should focus on an 18-month strategy for reopening the economy as the outbreak recedes and flares up again.
Equity benchmark Sensex plummeted over 2,000 points and the Nifty gave up the 9,400.
Many analysts had been expecting that spread to narrow as the ECB neared the end of its stimulus this year but it hasn't proved the case.
Gold inched lower on Monday as investors remained cautious ahead of policy meetings of three major central banks and the naming of the next U.S. Federal Reserve chair.
Increased selling of the American currency by exporters and banks amid a higher opening in the domestic equity market lifted the domestic currency, dealers said.