Indian rupee ended considerably weaker against the US dollar on Wednesday, as the US-China trade related concerns weighed on investor community. Heavy selling in domestic equities and rising crude oil prices also kept pressure on the Indian rupee. Investors remained concerned with reports that direct Tax collections fell short by Rs 82,000 crore at Rs 11.18 lakh crore during 2018-19 with lower corporate tax collections emerging as one of the reasons for the lower mop. The government had set a target of Rs 12 lakh crore. Dollar weakened against some currencies overseas failed to cast any impact on the rupee. On the global front, dollar weakened across the board on Wednesday as growing concerns about the escalating trade dispute between China and the United States prompted investors to raise their expectations of a U.S. rate cut later in the year.
Finally, the rupee ended at 69.71, 28 paise weaker from its previous close of 69.43 on Tuesday. The currency touched a high and low of 69.74 and 69.47 respectively. The reference rate for the dollar stood at 69.60 and for Euro stood at 78.01 on May 8, 2019. While the reference rate for the Yen stood at 63.23, the reference rate for the Great Britain Pound (GBP) stood at 90.90.
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: