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Indian rupee made a smart bounce back from previous day’s drubbing and strengthened substantially on Tuesday, comforted by the dollar weakness against major currencies, while the gains in the local equities and Asian currency too aided the sentiment. Local bourses shrugging off the worst than expected May WPI data ended the session with gains, tailing the positive global setup. The annual rate of inflation, based on monthly WPI, came much higher above the expectation at 9.06% (Provisional) for the month of May, 2011 (over May, 2010) as compared to 8.66% (Provisional) for the previous month and 10.48% during the corresponding month of the previous year. Meanwhile, on the global front, the Euro rose on Tuesday, boosted by improved risk appetite after Chinese inflation data eased global growth concerns while quickly absorbing a hike in Chinese banks' reserve requirements. China raised banks' reserve requirements by 50 basis points. On the other hand, the Dollar was mostly weaker as moderate Chinese inflation data fanned hopes that China will avoid a hard economic landing.
Finally the Rupee ended at 44.74, stronger by 12 paise from its previous close of 44.86 on Monday. It touched a high and low of 44.83 and 44.71 respectively. The Reserve Bank of India's reference rate for the Dollar stood at 44.77 and for Euro it stood at 64.55 on June 14, 2011. While, the RBI's reference rate for the Yen stood at 55.76 and the reference rate for the Great Britain Pound (GBP) stood at 73.4519. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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