Extending previous session’s losses, Indian rupee ended lower against dollar on Thursday, on increased demand for the US currency from importers. Sentiments remained down-beat with a private report stating that the government decision to significantly increase minimum support price (MSP) for several kharif crops to boost farmers’ incomes could push inflation upwards and widen the fiscal deficit. The Reserve Bank of India could subsequently raise interest rates to counter the potential inflationary impact. Besides, lackluster trade in the equity markets also affected the rupee value. However, losses remained capped with Commerce and Industry Minister Suresh Prabhu’s statement that India’s export is likely to grow at around 20% in June month. He also noted that India will not be affected by the headwinds at global trade level. On the global front, pound rose to a seven-day high on Thursday as traders strengthened bets on an interest rate hike this summer, but concerns about a crucial Brexit meeting on Friday kept gains in check.
Finally, the rupee ended at 68.93, 19 paise weaker from its previous close of 68.74 on Wednesday. The currency touched a high and low of 69.00 and 68.69 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.75 and for Euro stood at 80.47 on July 5, 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 91.07. 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: