SEBI Reg. Investment Advisor

Download App

MoneyWorks4Me

Rupee recoups early losses to end considerably stronger on Thursday

06 Apr 2017 Evaluate

After making a weak start, Indian rupee recouped substantial ground and ended considerably stronger against dollar on Thursday, mainly on account of dollar's weakness against other currencies overseas. This is the second consecutive session when the rupee traded higher against American currency. Local currency got a boost after the Reserve Bank of India (RBI) projected India's GVA growth to strengthen to 7.4% in FY18 from 6.7% in FY17. Besides, the central bank maintained status quo on policy rate by leaving the repo rate unchanged at 6.25% in its first bimonthly policy of FY18. Though, it raised the reverse repo rate to 6% from 5.75%. Some support also came in with Asian Development Bank's (ADB) report that India's growth rate will improve to 7.4% during 2017-18 and go up further to 7.6% in the next fiscal. On the global front, the greenback came under pressure after the minutes of the Federal Reserve’s March meeting indicated that the central bank would likely begin trimming its $4.5 trillion balance sheet of Treasury and mortgage securities later this year.

Finally, the rupee ended at 64.53, 34 paise stronger from its previous close of 64.87 on Wednesday. The currency touched a high and low of 65.05 and 64.50 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.97 and for Euro stood at 69.39 on April 06, 2017. While the RBI’s reference rate for the Yen stood at 58.79, the reference rate for the Great Britain Pound (GBP) stood at 81.15.The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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:

×