Indian rupee ended weaker against the US dollar on Wednesday, due to increased demand of the greenback from the importers and the banks. Investors failed to get solace with the report that India’s services PMI rose to an eight month high in June at 53.1 as against 52.2 in May of 2017. This was also the fifth consecutive month of expansion as business environment for services sector in the country continued to improve. Moreover, the domestic currency was also weighed down by dollar’s strengthen against some other currencies overseas. However, positive gains in equity market arrested further losses. On the global front, US dollar inched higher against yen on Wednesday but struggled to make progress against euro as investors awaited minutes from the Federal Reserve's latest meeting and US jobs data later in the week.
Finally, the rupee ended at 64.78, 5 paise weaker from its previous close of 64.73 on Tuesday. The currency touched a high and low of 64.87 and 64.67 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.72 and for Euro stood at 73.50 on July 05, 2017. While the RBI’s reference rate for the Yen stood at 57.15, the reference rate for the Great Britain Pound (GBP) stood at 83.60. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Start Research-backed Investing ...Now. Subscribe to Sapphire
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: