SEBI Reg. Investment Advisor

Download App

MoneyWorks4Me

Rupee weakens on increased demand for American currency from importers

04 May 2017 Evaluate

Indian rupee weakened against the US dollar on Thursday on account of increased demand for the American currency from importers. Besides, a strengthening dollar against other currencies overseas also put pressure on the domestic unit. However, a higher opening in the domestic equity market restricted the rupee's losses. On the global front, the dollar hit a six-week high against the yen on Thursday, after the US Federal Reserve downplayed weak first-quarter economic growth. The Fed kept interest rates unchanged on Wednesday while emphasizing the strength of the labor market - a sign it was still on track for two more rate rises this year.

The partially convertible currency is currently trading at 64.21, weaker by 6 paise from its previous close of 64.15 on Wednesday. The currency touched a high and low of 64.24 and 64.19 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.14 and for Euro stood at 70.03 on May 03, 2017. While the RBI’s reference rate for the Yen stood at 57.24, the reference rate for the Great Britain Pound (GBP) stood at 82.79. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP
May 03, 201764.143982.7969
May 02, 201764.207282.6925
(RBI-Reference Rate)

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:

×