Indian rupee ended considerably lower against dollar on Monday on emergence of demand for the greenback from importers. Sentiments were fragile as former Reserve Bank Governor C Rangarajan said that India becoming a $5 trillion economy by 2025 is impossible under the current circumstance and the country needs to grow at nine per cent per annum for the next five years in order to achieve that. Traders shrugged off Commerce and Industry Minister Piyush Goyal’s statement the country’s exports are growing at a healthy rate and now exporters can aim for $450-500 billion of outbound shipments during the next fiscal year. He added exports have touched $197 billion during April-September this fiscal. On the global front; dollar rose to its highest in nearly three years versus the yen on Monday as investors remained confident the U.S. Federal Reserve will announce a tapering of its massive bond-buying next month despite softer U.S. payrolls figures.
Finally, the rupee ended 75.36, weaker by 37 paise from its previous close of 74.99 on Friday. The currency touched a high and low of 75.39 and 75.06 respectively.
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