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Rupee settles stronger against dollar
Sep-21-2020

Continuing prevision session’s gains; Indian rupee ended higher against dollar on Monday due to fresh selling of the American currency by banks and exporters. Rupee got support with Confederation of Indian Industry’s (CII) business outlook survey showing that the India Inc's business sentiment has improved during July-September quarter. The latest CII Business Confidence Index has surged to the level of 50.3 in July-September 2020, bouncing back from its lowest reading of 41.0 recorded in April-June 2020. However upside remained capped as Finance Ministry in its 'India's External Debt: A Status Report: 2019-2020' indicated that India's total external debt increased by 2.8 percent to $558.5 billion as on March 31, 2020, mainly due to a rise commercial borrowings. On the global front; pound was under pressure on Monday as rising COVID-19 cases prompted Britain to consider a second national lockdown. British Prime Minister Boris Johnson was pondering a second lockdown with new COVID-19 cases rising by at least 6,000 per day in Britain, hospital admissions doubling every eight days, and the testing system buckling.

Finally, the rupee ended at 73.38, 07 paise stronger from its previous close of 73.45 on Friday. The currency touched a high and low of 73.55 and 73.15 respectively. The reference rate for the dollar stood at 73.29 and for Euro stood 86.88 on September 18, 2020. While the reference rate for the Yen stood at 69.93, the reference rate for the Great Britain Pound (GBP) stood at 95.06.

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