Indian rupee, cooling off from month high level and surrendering all its early gains, ended weak against dollar on Wednesday, as dollar demand from oil firms and weak domestic shares hurt sentiment. Indian currency appreciated to 60/$ level in early deals boosted by gains in other Asian currencies and dollar selling from a large engineering firm, but soon gave up its gains tailing negative local equities. Meanwhile, sentiment also remained cautious ahead of the outcome of the national elections next week which is expected to keep the rupee in tight range. On the global front, dollar languished close to six-month lows against a basket of major currencies on Wednesday as investors braced for the possibility that dovish comments from Federal Reserve Chair Janet Yellen could further undermine the greenback.
Finally the rupee ended at 60.14, little changed from its previous close of 60.11 on Tuesday. The currency touched a high and low of 60.15 and 59.96 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 60.03 and for Euro stood at 83.58 on May 07, 2014. While, the RBI’s reference rate for the Yen stood at 59.17, the reference rate for the Great Britain Pound (GBP) stood at 101.9658. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: