Indian rupee ended significantly higher against dollar on Monday, on persistent selling of the American currency by exporters. Besides, massive gains in domestic equity markets also supported rupee. Sentiments got boost as foreign direct investment (FDI) into the country rose by more than twofold to $17.57 billion during April-June this fiscal on account of measures such as policy reforms and ease of doing business. Further, support also came as foreign portfolio investors (FPIs) pumped in a net of just Rs 986 crore in Indian equities during August. In another positive development, Niti Aayog Vice-Chairman Rajiv Kumar has said a strong economic growth rebound is expected on the back of rapid vaccinations, a recovering monsoon boosting agricultural output, thrust on infrastructure investments by the government, and growth in export, which have performed remarkably during April June registering a growth of 18 per cent over the same period in the pre-pandemic year of 2019-20. On the global front, dollar steadied near two-week lows on Monday, held back by the message from the U.S. Federal Reserve chief that there is no hurry to dial back massive stimulus.
Finally, the rupee ended 73.29, stronger by 40 paise from its previous close of 73.69 on Friday. The currency touched a high and low of 73.54 and 73.21 respectively.
