Indian rupee ended weaker against dollar on Monday with fresh dollar demand by banks and importers. Sentiments were downbeat despite India’s merchandise exports snapped six-month losing streak and grew by 5.27 percent to $27.4 billion in September 2020 as compared to $ 26.02 billion in the same month a year ago. Trade deficit, gap between imports and exports, narrowed to $2.91 billion in September 2020 from $11.67 billion a year ago. However, healthy gains in domestic equity markets capped some downfall in rupee. Meanwhile, SEBI has come out with a framework to monitor foreign holding in depository receipts (DRs). It said the broad operational guidelines have been put in place based on discussions with market participants. On the global front; Sterling fell against the euro on Monday as traders were expecting the Britain and the European Union to meet the transition deadline and soon conclude a Brexit deal.
Finally, the rupee ended at 73.29, 16 paise weaker from its previous close of 73.13 on Thursday. The currency touched a high and low of 73.41 and 73.08 respectively. The reference rate for the dollar stood at 73.38 and for Euro stood 86.22 on October 01, 2020. While the reference rate for the Yen stood at 69.55, the reference rate for the Great Britain Pound (GBP) stood at 94.98.
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