Rupee ends considerably weaker against dollar on virus woes

Indian rupee ends considerably lower against dollar on Monday on emergence of demand for the greenback from importers amid newly found corona virus variant spurred worries over global economic health. Sentiments were also dampened with Chief Economic Adviser (CEA) K V Subramanian’s statement that BRICS (Brazil, Russia, India, China, and South Africa) nations need to strengthen cooperation among themselves for supporting the recovery of BRICS economies and maintaining macro-economic and financial stability while protecting against future uncertainties and risks. Traders’ shrugged off Minister Piyush Goyal’s statement that bilateral trade between India and Canada stands at $10 billion currently and there is tremendous potential to take it to much higher levels. On the global front; dollar edged higher, the euro fell and the yen steadied on Monday as currency markets reversed some of Friday's moves, calming after the initial shock of discovering a new coronavirus variant.

Finally, the rupee ended 75.07, weaker by 18 paise from its previous close of 74.89 on Friday. The currency touched a high and low of 75.16 and 74.82 respectively.