Indian rupee ended marginally lower against the US dollar on Monday, on increased demand for the greenback from importers and banks. Traders were worried as data from Reserve Bank showed India Inc's investment in their overseas ventures dropped by 59 per cent on an annual basis to $1.03 billion in August this year. However, downfall remain capped as Monthly Economic Report of the Department of Economic Affairs, Ministry of Finance said India retained its status as an attractive destination among a set of developed and developing economies, as the 5th largest recipient of FDI in the April-June quarter. Meanwhile, Prime Minister Narendra Modi’s statement that Indian economy is expected to grow by 7.5 per cent this year and it will be the highest among the world's largest economies. He said India is making progress to become a manufacturing hub while highlighting various aspects of the country's economy. On the global front, dollar held firm near two-decade highs against other major currencies on Monday, biding its time ahead of a slew of central bank meetings that include one by the U.S. Federal Reserve that is likely to deliver another hefty rate hike.
Finally, the rupee ended at 79.81 (Provisional), weaker by 3 paisa from its previous close of 79.78 on Friday. The currency touched a high and low of 79.81 and 79.59 respectively.
