Indian rupee ended stronger against dollar on Monday due to fresh selling of the American currency by banks and exporters. Traders took solace with CII’s latest survey report stated that India’s economy is expected to see a swift recovery from the impact of the second wave of COVID-19 as lockdowns were largely designed to limit social gatherings and did not affect economic activities much. Additional support also came as Niti Aayog Vice Chairman Rajiv Kumar has exuded confidence that with India's story remaining ‘very strong’, the economy will register double-digit growth in the current fiscal (FY22) and the disinvestment climate also looks better. However, upside remain capped as foreign portfolio investors (FPIs) pulled out Rs 2,249 crore from the Indian equities segment in the first seven trading sessions of July. On the global front; sterling nudged lower on Monday as British Prime Minister Boris Johnson is expected to confirm plans to remove nearly all remaining COVID-19 restrictions in England from July 19, despite a surge of cases to levels unseen for months.
Finally, the rupee ended 74.58, stronger by 5 paise from its previous close of 74.64 on Friday. The currency touched a high and low of 74.59 and 74.40 respectively.
