Indian rupee ended lower against dollar on Monday amid fears that a rapid resurgence of COVID-19 cases in the country could disrupt economic recovery. Sentiments were fragile as Foreign portfolio investors (FPIs) have pulled out a net Rs 4,615 crore from Indian markets in April so far amid sharp escalation in COVID-19 cases and the consequent restrictions imposed by various states, unnerving overseas investors. Also, weakness in equity markets put pressure on the domestic currency. Meanwhile, Niti Aayog Vice Chairman Rajiv Kumar stated that the country needs to prepare for ‘greater uncertainty’ in terms of consumer as well as investor sentiments due to the second wave of coronavirus infections and the government will respond with fiscal measures as and when required. On the global front; pound rose and hit a two-week high against the dollar on Monday ahead of a data-heavy week that is expected to provide more evidence that Britain's economy is rebounding from its deepest recession in 300 years.
Finally, the rupee ended 74.87, weaker by 52 paise from its previous close of 74.35 on Friday. The currency touched a high and low of 75.05 and 74.79 respectively.
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