Indian rupee ended considerably weaker against dollar on Monday with fresh dollar demand by banks and importers. Traders got cautious, amid reports that foreign portfolio investors (FPIs) have pulled out Rs 4,515 crore from the equities segment in the first half of July as they turn cautious towards the Indian market. Sentiments were also impacted as Niti Aayog CEO Amitabh Kant expressed concern over high food inflation due to higher prices of oilseeds and edible oils. Market participants paid no heed towards Services Export Promotion Council (SEPC) stating that the country's services exports are expected to grow 10 per cent in 2021-22 due to healthy growth of sectors such as professional and management consulting, audio visual, freight transport, and telecommunications. On the global front; pound fall to a three-month low on Monday, as a cautious tone in global markets meant riskier currencies lost out in favor of the safe-haven dollar.
Finally, the rupee ended 74.88, weaker by 31 paise from its previous close of 74.57 on Friday. The currency touched a high and low of 74.92 and 74.71 respectively.
