Indian rupee ended marginally higher against dollar on Monday, on persistent selling of the American currency by exporters. Traders took some solace as foreign portfolio investors (FPIs) in June turned net buyers by pumping in a net Rs 12,714 crore into Indian markets. However, upside remain capped as investors were cautious as India’s forex reserves declined by $4.148 billion to reach $603.933 billion for the week ended June 18 due to a fall in gold and currency assets. The forex kitty had surged by $3.074 billion to a record high of $608.081 billion in the previous reporting week. Traders took note of National Council of Applied Economic Research (NCAER) report stating that it is expecting India’s gross domestic product (GDP) to grow 11.5 percent in Q1 (first quarter) and 8.4-10.1 per cent for the whole year 2021-22. On the global front, sterling rose on Monday as traders brace for the end of the worst month versus the dollar since September, with the focus moving to political risks this week.
Finally, the rupee ended 74.19, stronger by 1 paise from its previous close of 74.20 on Friday. The currency touched a high and low of 74.27 and 74.18 respectively.
