SEBI Reg. Investment Advisor

Download App

MoneyWorks4Me

Rupee extends weakness for second straight session

18 Apr 2017 Evaluate

Indian rupee extended its weakness for the second consecutive day on Tuesday, due to fresh demand for the American currency from banks and importers. Sentiments remained dampened with India Meteorological Department's (IMD) statement that monsoon rainfall may be 96% of the normal with an error margin of 5% on either side. IMD further said that there are more than 50% chances of El-Nino developing from August. Some pessimism also came with the private report that retail inflation is expected at 4.8 percent for the current financial year and fears in this regard are exaggerated as the country will continue to witness benign prices. Besides, weakness in domestic equities markets and capital outflows in small lots also weighed on the rupee. On the global front, dollar steadied against yen on Tuesday, with worries that U.S. currency manipulation complaints could touch Japan offset by U.S. Treasury Secretary Steven Mnuchin's favoring of a strong dollar in the long term.

Finally, the rupee ended at 64.63, 11 paise weaker from its previous close of 64.52 on Monday. The currency touched a high and low of 64.63 and 64.47 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.56 and for Euro stood at 68.74 on April 18, 2017. While the RBI’s reference rate for the Yen stood at 59.22, the reference rate for the Great Britain Pound (GBP) stood at 81.17. 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:

×