Rising for second straight session, Indian rupee ended stronger against dollar on Monday supported by sustained foreign fund inflows and weakness of the American currency in the overseas market. Continuing their buying spree, foreign portfolio investors (FPIs) invested Rs 24,965 crore in Indian markets in February so far as various organisations predicted high economic growth for the country and the Union Budget boosted investors’ sentiment. Traders took note of report that Finance Minister Nirmala Sitharaman’s statement that the Union Budget 2021-22 is about the role of government as a facilitator and the private sector as a key driver of economic growth, without which the country would be losing a big opportunity. On the global front, pound hit a new three-year high on Monday, before stabilizing around the $1.40 level, as bullish investors bet on the UK's vaccination rollout bringing about an economic recovery.
Finally, the rupee ended at 72.49, 16 paise stronger from its previous close of 72.65 on Thursday. The currency touched a high and low of 72.58 and 72.29 respectively. The reference rate for the dollar stood at 72.73, and for Euro stood 87.61 on February 18, 2021. While the reference rate for the Yen stood at 68.68, the reference rate for the Great Britain Pound (GBP) stood at 100.71.
