Snapping its two day losing streak, Indian rupee appreciated against dollar on Wednesday due to selling of dollar by banks and exporters, amidst gains in Asian currencies. The domestic currency looked strong from the very beginning and was supported by the local equity markets in late morning trade. Though, the equity markets lost their way, rupee maintained its momentum and ended higher. The sentiments got some support with India’s services sector activity touching an eight-month high in October driven by a significant rise in new business orders even as growth in manufacturing output eased. The Nikkei/Markit Services Purchasing Managers' Index rose to 53.2 in October from September's 51.3, marking a fourth month above the 50-level that separates growth from contraction. On the global front, dollar was 2-1/2 month higher against a basket of currencies on Wednesday, due to expectations of a rise in U.S. rates and better growth globally.
Finally, the rupee ended at 65.49, 17 paise stronger from its previous close of 65.66 on Tuesday. The currency touched a high and low of 65.62 and 65.46 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.56 and for Euro stood at 71.79 on November 04, 2015. While, the RBI’s reference rate for the Yen stood at 54.17 the reference rate for the Great Britain Pound (GBP) stood at 101.1255. 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: