Rupee ends significantly higher on sustained dollar selling
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Rupee ends significantly higher on sustained dollar selling
Nov-08-2021 16:07 Hrs IST
Indian rupee ended significantly higher against dollar on Monday, on persistent selling of American currency by exporters. Sentiments were upbeat as RBI in its latest report showed that India's forex reserves have increased by $1.919 billion to $642.019 billion for the week ended October 29 on a healthy increase in the currency assets and value of gold. In another positive development, PHD Chamber of Commerce and Industry (PHDCCI) has said that the country’s economic recovery gained momentum in recent months on the back of rapid progress in vaccinations, festive season and consequent improvement in consumer and industry sentiments. Healthy gains in Indian equity markets also supported domestic currency. On the global front; dollar was broadly steady on Monday and currency markets lacked momentum as investors weighed up volatile rate projections and central banks' tolerance of inflation.
Finally, the rupee ended 74.03, stronger by 43 paise from its previous close of 74.46 on Thursday. The currency touched a high and low of 74.25 and 73.98 respectively.
