SEBI Reg. Investment Advisor

Download App

MoneyWorks4Me

Rupee weakens on sustained demand for American currency from importers

21 Jun 2016 Evaluate

Indian rupee weakened against the US dollar in early trade on Tuesday due to sustained demand for the American currency from importers amid foreign fund outflows. Besides, a weak domestic equity market too weighed on the domestic unit. The domestic currency had declined in last session on uncertainty in the wake of RBI Governor Raghuram Rajan’s decision against pursuing a second stint. However, dollar’s weakness against major world currencies in the global market limited the rupee’s fall. On the global front, the British pound eased against the dollar on Tuesday, a day after posting its biggest daily gain in 7 years on the back of opinion polls that swung in favor of the campaign for Britain to stay in the European Union. Two opinion polls on Monday showed that the ‘Remain’ camp has recovered some ground in Britain's European Union referendum debate.

The partially convertible currency is currently trading at 67.48, weaker by 17 paise from its previous close of 67.31 on Monday. The currency touched a high and low of 67.48 and 67.3675 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.40 and for Euro stood at 76.53 on June 20, 2016. While the RBI’s reference rate for the Yen stood at 64.44, the reference rate for the Great Britain Pound (GBP) stood at 98.1538. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$ 1GBP
June 20, 201667.408798.1538
June 17, 201667.168295.5535
(RBI-Reference Rate)

About MoneyWorks4Me

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.

Our Vision

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.

What Makes MoneyWorks4Me Different

Our Approach: Ensuring compounding work its magic on client portfolio.

MoneyWorks4Me ensures this through:

×