Rupee ends higher against dollar for third consecutive day

Indian rupee ended higher against dollar on Monday, as lower crude prices and a firm trend in domestic equities boosted investor sentiment. Traders got support with member of the Economic Advisory Council to the Prime Minister, Sanjiv Sanyal’s statement that ‘India is capable of generating a 9 per cent growth rate but in view of the geopolitical situation, we should be satisfied with a 6.5-7 per cent economic expansion’. Besides, credit rating agency, S&P Global Ratings in its latest report has said that the global slowdown will have less impact on domestic demand-led economies such as India, Indonesia and the Philippines. It further said that in some countries the domestic demand recovery from COVID has further to go. This should support growth next year in India, Indonesia, Malaysia, the Philippines, and Thailand. On the global front, sterling edged up against a weaker dollar on Monday, hovering near a three-month high, even as Britain's murky economic outlook weighed on traders' minds.

Finally, the rupee ended at 81.66 (Provisional), stronger by 5 paisa from its previous close of 81.71 on Friday. The currency touched a high and low of 81.83 and 81.61 respectively.