Indian rupee depreciated to near one-month low against dollar on Tuesday, tracking losses in global equity markets as traders were cautious due to escalating trade frictions between the US and China. Sentiments remained down-beat with a private report that the Indian rupee would continue to witness pressure in the coming days, but it should get respite in the medium term as trade protectionism ends up hurting the US economy, a net importer of goods. Traders also remain concerned with Commerce and Industry Minister Suresh Prabhu’s statement that global trade is facing headwinds and these challenges are needed to be tackled properly to boost world economy. Besides, extremely bullish dollar sentiment overseas as well as sluggish equity markets also adversely impacted local forex trade.
Finally, the rupee ended at 68.38, 40 paise weaker from its previous close of 67.98 on Monday. The currency touched a high and low of 68.38 and 67.98 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.15 and for Euro stood at 79.15 on June 19, 2018. While the RBI’s reference rate for the Yen stood at 62.19, the reference rate for the Great Britain Pound (GBP) stood at 90.30. 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: