SEBI Reg. Investment Advisor

Download App

MoneyWorks4Me

Rupee hits 3-month low against dollar

20 Feb 2018 Evaluate

Stretching slide for the second straight session, Indian rupee depreciated to near three-month low against dollar on Tuesday, on increased selling of the US currency by exporters and banks. The domestic currency made a weak start and remained under pressure throughout the day due to the dollar strength against other currencies overseas. Traders also remained concerned after the government said the amount of money claimed by exporters as tax refunds under Goods and Service Tax (GST), from the time the regime came into force in July 2017, till December of that year, is Rs 55 billion. This is a major comedown from the Rs 65 billion that the Finance Ministry had announced last year as refunds claimed till October. Exporters continue to assert that thousands of millions worth of tax refunds are yet to be released by the authorities. Besides, selling in late hour of trade in the domestic equity markets, added some extra pressure on the rupee. On the global front, dollar continued its rebound from three-year lows on Tuesday, having recovered 1.5 percent since Friday on the view that the US currency was due a correction after a brutal sell-off in recent weeks.

Finally, the rupee ended at 64.79, 58 paise weaker from its previous close of 64.21 on Friday. The currency touched a high and low of 64.88 and 64.41 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.52 and for Euro stood at 79.85 on February 20, 2018. While the RBI’s reference rate for the Yen stood at 60.35, the reference rate for the Great Britain Pound (GBP) stood at 90.12. 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: