Indian rupee pared most of its early gains but still ended higher against the dollar on Monday, due to selling of the American currency by exporters and banks. Traders took some support with Finance Minister Arun Jaitley’s statement that India would retain its position of fastest growing economy in the coming decades, like China did in the last three decades. He said, the way the situation in the world is changing there is a great opportunity that has come in the way of India. However, gains were capped as some concern came with the report that foreign investors have pulled out more than Rs 11,000 crore from Indian stocks in February 2018 amid better opportunities in other emerging markets. This is the largest outflow in five months. Besides, heavy selling in the domestic equity markets also weighed on the sentiments. On the global front, US dollar fell against yen on Monday amid continued concerns over US protectionism.
Finally, the rupee ended at 65.10, 5 paise stronger from its previous close of 65.15 on Thursday. The currency touched a high and low of 65.16 and 64.82 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.05 and for Euro stood at 80.03 on March 05, 2018. While the RBI’s reference rate for the Yen stood at 61.64, the reference rate for the Great Britain Pound (GBP) stood at 89.69. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
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: