Indian rupee weakened against dollar on Friday, tracking losses in its Asian peers. But, a higher opening in domestic equities after the Goods and Services Tax (GST) Council cleared all legislations required for marking a big step forward in India's plans for a countrywide rollout of the new tax regime from July, capped some losses. On the global front, the dollar licked its wounds in Asian trading on Friday, wallowing at five-week lows against a currency basket and on track for weekly losses after the US Federal Reserve signaled fewer interest rate hikes than some investors had expected. Although the US central bank delivered an interest rate increase on Wednesday as widely expected, it did not alter its original forecast for two more rate increases this year. That disappointed dollar bulls who had hoped for hints of a possible fourth hike in 2017.
The partially convertible currency is currently trading at 65.60, weaker by 19 paise from its previous close of 65.41 on Thursday. The currency touched a high and low of 65.65 and 65.4750 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.38 and for Euro stood at 70.18 on March 16, 2017. While the RBI’s reference rate for the Yen stood at 57.73, the reference rate for the Great Britain Pound (GBP) stood at 80.26. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| March 16, 2017 | 65.3836 | 80.2649 |
| March 15, 2017 | 65.5146 | 80.0654 |
(RBI-Reference Rate)
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: