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Indian rupee concluded stronger against dollar on Wednesday on sustained dollar sales by exporters and state run banks. Besides, dollar weakness against other currencies overseas as weak U.S. economic data cast a shadow on the possibility of a Federal Reserve rate increase this year also bolstered sentiment of Indian currency. Domestic currency also got support with the report that tax collections have grown up at a robust pace in the first four months of the current fiscal with central excise and personal income tax showing impressive gains. Direct tax collections grew 24% in April-July over corresponding period last year, while indirect taxes returned a 29.9% increase over the same period. On the global front, yen strengthened against the dollar as investors re-evaluated whether the US Federal Reserve will raise interest rates this year and locked in gains ahead of a Japanese holiday.
Finally, the rupee ended at 66.71, stronger by 13 paise from its previous close of 66.84 on Tuesday. The currency touched a high and low of 66.78 and 66.67 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.74 and for Euro stood at 74.38 on 10 August 2016. While, the RBI’s reference rate for the Yen stood at 65.84, the reference rate for the Great Britain Pound (GBP) stood at 87.04. 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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