Indian rupee ended marginally weaker against the US dollar on Monday, on increased demand for the greenback from importers and banks. Traders were concerned as Securities and Exchange Board of India (SEBI) in its latest data has showed that investments through participatory notes (P-notes) in the Indian capital market dropped to Rs 69,821 crore at September-end. This marks the first decline in investment through the route since March. However, downfall remain capped with Finance Minister Nirmala Sitharaman’s statement that the government has taken a host of initiatives, including a stimulus package totalling 10 percent of the country's GDP and major reforms in the labour sector, to contain the spread of coronavirus disease (covid-19) pandemic and also to mitigate its social and economic impact. On the global front, pound held above a 10-day low on Monday as investors cut their holdings with British and European negotiators scrambling to salvage post-Brexit trade talks.
Finally, the rupee ended at 73.37, 2 paise weaker from its previous close of 73.35 on Friday. The currency touched a high and low of 73.42 and 73.35 respectively. The reference rate for the dollar stood at 73.38 and for Euro stood 85.84 on October 16, 2020. While the reference rate for the Yen stood at 69.70, the reference rate for the Great Britain Pound (GBP) stood at 94.56.
