Indian rupee snapping its two-day depreciating streak ended stronger against dollar on Friday on account of fresh selling of the American currency by banks and exporters. Sentiments got some support with report that the government has finalized four-tier GST tax structure of 5, 12, 18 and 28 percent that aims to lower tax incidence on most goods and keep out essential items. Meanwhile, Chief Economic Advisor Arvind Subramanian has said that the GST Council’s decision to peg the tax rate on items of mass consumption at 5 per cent will bring down prices and soften inflation. Further, dollar weakened overseas also supported the rupee but a weak trend in the domestic equity markets capped the gains. On the global front, the safe haven Yen was pushed higher against US Dollar as FX traders consider the possibility that Donald Trump could become the next US President.
Finally, the rupee ended at 66.70, 4 paise stronger from its previous close of 66.74 on Thursday. The currency touched a high and low of 66.76 and 66.69 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.72 and for Euro stood at 74.05 on November 04, 2016. While the RBI’s reference rate for the Yen stood at 64.62, the reference rate for the Great Britain Pound (GBP) stood at 83.13.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: