Indian rupee ended lower against dollar on Monday, on account of sustained dollar demand from importers and banks. Traders were worried despite report that foreign portfolio investors (FPIs) were net buyers to the tune of Rs 16,459 crore in Indian markets in August, with majority of investment coming in the debt segment. Meanwhile, Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) -- Shashanka Bhide said that revival of the Indian economy would be sustained if the COVID-19 pandemic is under control. Bhide added that prioritising expenditure to get maximum employment and income effects while controlling the pandemic are necessary in the short term. On the global front; sterling slipped on Monday, pulling back from near one-month highs against the dollar and one-week peaks versus the euro as signs grew that economic gains from post-lockdown reopening were starting to fade.
Finally, the rupee ended 73.10, weaker by 8 paise from its previous close of 73.02 on Friday. The currency touched a high and low of 73.11 and 73.02 respectively.
