SEBI Reg. Investment Advisor

Download App

MoneyWorks4Me

Rupee hits record low against American currency

21 Jun 2012 Evaluate

The Indian rupee slumped to record low against American currency on Thursday, on the back of lower opening in the local equity markets. Disappointment as regards to the scope of US Federal Reserve's bond purchases and weak HSBC factory data from China also hurt the local currency on a great extent. Increasing dollar demand from oil importers also pressurized rupee. However Investors are expecting RBI intervention to prevent further fall of the domestic currency. Meanwhile, euro trended lower ahead of results from an audit of Spanish banks due later in the day.

The partially convertible currency is currently trading at 56.42, weaker by 29 paise from its previous close of 56.13 on Wednesday. It has touched a high and low of 56.48 and 56.28 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.85 and for Euro it stood at Rs 70.88 on June 20, 2012. While, the RBI’s reference rate for the Yen stood at 70.77, the reference rate for the Great Britain Pound (GBP) stood at 87.9325. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP

June 20, 2012

55.85 87.9325

June 19, 2012

56.0187.8500

(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:

×