Indian rupee ended higher against dollar on Monday, owing to dollar sale by exporters and banks and positive domestic equities. This was the second consecutive session when the rupee was traded higher against dollar. Sentiments were upbeat with the government data showing that India's exports in April jumped nearly three-fold to $30.63 billion from $10.36 billion in the same month last year. Imports too rose to $45.72 billion last month as against $17.12 billion in April 2020. Traders also remain energized after RBI data showed that country's foreign exchange reserves increased by $1.444 billion to $589.465 billion in the week ended May 7, 2021. Traders ignored report that foreign portfolio investors (FPIs) pulled out Rs 6,452 crore so far in May from Indian markets amid tumbling investor sentiment due to the second wave of the COVID-19 pandemic. On the global front; dollar edged higher on Monday as new COVID-19 restrictions in Asia and mixed economic data in China encouraged investors to stick with safer currencies.
Finally, the rupee ended 73.22, stronger by 7 paise from its previous close of 73.29 on Friday. The currency touched a high and low of 73.26 and 73.16 respectively.