Indian rupee ended weaker against the US dollar on Monday, on the back of consistent demand for the greenback from state-run banks and importers. The rupee’s losses were caused by late hour sell-off in domestic equity market. Traders failed to take support with NITI Aayog vice chairman Rajiv Kumar’s statement that the government expects economy to grow by 6.5% in the current fiscal and that all efforts were focused on bringing India to a higher growth trajectory. On the global front, dollar firmed on Monday, as fresh concerns over the trade war between the United States and China kept risk appetite subdued and trade-oriented currencies such as the Australian dollar under pressure.
Finally, the rupee ended at 71.02, 14 paise weaker from its previous close of 70.88 on Friday. The currency touched a high and low of 71.09 and 70.93 respectively. The reference rate for the dollar stood at 70.87 and for Euro stood at 77.78 on October 4, 2019. While the reference rate for the Yen stood at 66.36, the reference rate for the Great Britain Pound (GBP) stood at 87.52.
