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Rupee ends weaker against greenback
Jan-18-2021

Rupee ended substantially weaker against dollar on Monday on account of continued dollar demand from importers and banks. Besides, heavy selloff in domestic equity markets also weighed on the rupee sentiment. Investors’ mood remained fragile with former chief economic adviser Arvind Virmani's statement that the Indian economy is likely to contract in the range of 5-7.5 per cent this fiscal (FY21) but will see a growth of 9 to 11 per cent in FY 2021-22. Further, Virmani said in the upcoming Budget, the government should come up with policies to accelerate India's economic growth. Meanwhile, foreign portfolio investors (FPI) put in Rs 14,866 crore in Indian markets in the first half of January with participants expecting strong third-quarter results by companies. On the global front, dollar held firm at a four-week high against its rivals on Monday as an undercurrent of risk aversion swept through currency markets in the backdrop of weak U.S. economic data, knocking the Australian dollar and the euro lower.

Finally, the rupee ended at 73.28, 21 paise weaker from its previous close of 73.07 on Friday. The currency touched a high and low of 73.30 and 73.18 respectively. The reference rate for the dollar stood at 73.02, and for Euro stood 88.64 on January 15, 2021. While the reference rate for the Yen stood at 70.37, the reference rate for the Great Britain Pound (GBP) stood at 99.82.

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