Indian rupee ended considerably weaker against the US dollar on Friday, faced with heavy demand for the American currency from importers and banks. Sentiments remained sluggish with the report that the overall trade deficit widened to $16298.47 million during the month under review as against $9904.82 million in January 2017, the highest in more than three years. The rupee sentiment was also hit as the World Bank identified two global risks that could jeopardise the country’s progress towards a ‘global middle-class status’. These two risks are anti-international trade sentiment and climate change. The World Bank further noted that India’s services exports are being challenged and the climate change is posing threat to the agricultural sector. Moreover, persistent fall in equity markets together with dollar rose to a position of strength overseas added some extra pressure on rupee. On the global front, pound dipped against dollar on Friday following the lower than expected retail sales figures for January.
Finally, the rupee ended at 64.21, 30 paise weaker from its previous close of 63.91 on Thursday. The currency touched a high and low of 64.24 and 63.81 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.90 and for Euro stood at 80.16 on February 16, 2018. While the RBI’s reference rate for the Yen stood at 60.46, the reference rate for the Great Britain Pound (GBP) stood at 90.31. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
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The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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The Alchemists Ark Pvt. Ltd. |
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