Snapping its four-day losing streak, Indian rupee appreciated against dollar on Monday owing to dollar sale by exporters and banks. The rupee also derived its strength from strong gains in the local equity markets as well as dollar’s weakness against some currencies overseas. Traders were taking support as RBI’s data stated that the foreign exchange reserves rose by $1.193 billion to reach $582.406 billion in the week ended April 16. In the previous week ended April 9, the forex kitty had surged by $4.344 billion to $581.213 billion. Investors shrugged off report that overseas investors withdrew a net Rs 7,622 crore from Indian markets in April so far as a surge in COVID-19 cases and the consequent restrictions imposed by various states dent investors' sentiment. On the global; sterling gained against the dollar and the euro on Monday, ignoring political noise stemming from allegations against Britain's Conservative government as positioning data showed investors still bullish on the currency.
Finally, the rupee ended 74.73, stronger by 27 paise from its previous close of 75.01 on Friday. The currency touched a high and low of 74.88 and 74.67 respectively.