Indian rupee ended considerably weaker against the US dollar on Monday, as oil prices skyrocketed after drone attacks on Saudi Arabia's oil infrastructure. Rupee sentiment remained fragile with the commerce ministry’s data report showing that India's exports dropped by 6.05 per cent to $26.13 billion in August compared to the year-ago month. Imports too declined by 13.45 per cent to $39.58 billion, narrowing trade deficit to $13.45 billion in August. The weak trade in the local equity market along with dollar’s strength against major global currencies overseas also weighed on the local unit. On the global front, pound fell nearly half a percent on Monday as concern revived that Britain will struggle to secure a deal on the terms of its departure from the European Union.
Finally, the rupee ended at 71.60, 68 paise weaker from its previous close of 70.92 on Friday. The currency touched a high and low of 71.63 and 71.41 respectively. The reference rate for the dollar stood at 70.93 and for Euro stood at 78.56 on September 13, 2019. While the reference rate for the Yen stood at 65.64, the reference rate for the Great Britain Pound (GBP) stood at 87.65.
