Indian rupee pared most of its early gains and ended almost flat against dollar on Monday, as investors remained on sidelines ahead of the macro-economic data, factory output (IIP) for July and retail inflation (CPI inflation) for August, scheduled to be out on September 12. However, traders took some support with Niti Aayog Chief Executive Officer Amitabh Kant’s statement that states will have to become key agents of growth to help achieve India’s target of becoming a $5 trillion economy. On the global front, euro stayed on the back foot on Monday, having dropped to a five-day low against the dollar overnight, as investors remained convinced the European Central Bank will introduce a new wave of monetary stimulus at its meeting on Thursday.
Finally, the rupee ended at 71.71, 1 paise stronger from its previous close of 71.72 on Friday. The currency touched a high and low of 71.73 and 71.50 respectively. The reference rate for the dollar stood at 71.73 and for Euro stood at 79.20 on September 6, 2019. While the reference rate for the Yen stood at 67.04, the reference rate for the Great Britain Pound (GBP) stood at 88.50.
