Indian rupee continued to slip for the second consecutive session against the US dollar on Thursday on increased demand for the greenback from importers and banks. Traders remain worried with Former Finance Minister P Chidambaram said that macro-economic indicators confirm that the Indian economy has entered a disastrous phase of slowdown. He further said the Finance Ministry's report is a damning indictment of the state of the economy in the country. The weak trade in the local equity market also adversely impacted local forex trade. Traders failed to get relief with Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Ramesh Abhishek’s statement that India is hoping to further improve its rank in World Bank’s Doing Business report this year especially in indicators of paying taxes, insolvency resolution, trading across borders, issue of building permits and starting a business. On the global front, Japanese yen surged to a 3-month high against the dollar on Thursday as investors piled into the safe-haven currency fearing that the U.S.-China trade conflict could escalate.
Finally, the rupee ended at 69.94, 23 paise weaker from its previous close of 69.71 on Wednesday. The currency touched a high and low of 70.03 and 69.70 respectively. The reference rate for the dollar stood at 69.86 and for Euro stood at 78.24 on May 9, 2019. While the reference rate for the Yen stood at 63.59, the reference rate for the Great Britain Pound (GBP) stood at 90.98.
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: