Indian rupee ended flat on Monday as traders remained cautious as RBI in its half-yearly Financial Stability Report said that the exact duration of how long COVID-19 pandemic will last is still uncertain, therefore the downside risks to growth remain significant in FY21. However, sentiments got some support as Union Minister Nitin Gadkari termed India as the best destination for foreign investment with high returns, and urged European investors to invest in India. On the global front, dollar steadied Monday after reaching its lowest since September 2018 overnight, weakened by deteriorating U.S.-China relations and domestic economic concerns as U.S. COVID-19 infections showed no sign of slowing.
Finally, the rupee ended unchanged from its previous close of 74.83 on Friday. The currency touched a high and low of 74.90 and 74.67 respectively. The reference rate for the dollar stood at 74.86 and for Euro stood at 86.94 on July 24, 2020. While the reference rate for the Yen stood at 70.40, the reference rate for the Great Britain Pound (GBP) stood at 95.41.
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