Falling for the second consecutive session, Indian rupee depreciated against dollar on Tuesday, on increased demand for the US currency from importers. Sentiments remained weak with the Reserve Bank of India’s (RBI’s) data report that Indian companies’ investments into their overseas subsidiaries/joint ventures have dropped by 63% to $1.17 billion in May 2018 as compared to $3.12 billion in May 2017. Investors also took note of a private report that the RBI is expected to push key policy rates higher again in order to keep inflation in check. However, losses were limited as traders found some comfort with interim finance minister Piyush Goyal’s statement that the country is on a ‘safe wicket’ as far as the rupee is concerned and the currency will be stable in the long-term. On the global front, dollar held near a one-week low against a basket of currencies on Tuesday as investors retreated to the sidelines, while concerns grew about an intensifying conflict between the United States and its trade partners, particularly China.
Finally, the rupee ended at 68.25, 12 paise weaker from its previous close of 68.13 on Monday. The currency touched a high and low of 68.25 and 68.07 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.16 and for Euro stood at 79.74 on June 26, 2018. While the RBI’s reference rate for the Yen stood at 62.17, the reference rate for the Great Britain Pound (GBP) stood at 90.47. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
Start Research-backed Investing ...Now. Subscribe to Sapphire
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: