Erasing all of its initial gains, Indian rupee ended marginally weaker against the US dollar on Monday, due to increased demand of the greenback from the importers and the banks. Traders remained cautious with report that the government raised concerns over fake invoices being generated in the business-to-business (B2B) segment which is impacting GST collections. The domestic currency was also weighed down by dollar's strengthen against some other currencies. However, losses were limited as some optimism remained among the traders with RBI’s report that India’s forex reserves rose by $441 million to a fresh lifetime high of $448.249 billion in the week to November 15 on an increase in core currency assets. On the global front, euro edged lower against the dollar on Monday as investors remained cautious about the outlook for the euro zone economy in the near term.
Finally, the rupee ended at 71.74, 3 paise weaker from its previous close of 71.71 on Friday. The currency touched a high and low of 71.74 and 71.61 respectively. The reference rate for the dollar stood at 71.85 and for Euro stood at 79.52 on November 22, 2019. While the reference rate for the Yen stood at 66.14, the reference rate for the Great Britain Pound (GBP) stood at 92.82.
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