Indian rupee strengthened against the US dollar on Friday on account of the renewed hopes for US-China trade talks after China indicated that it may not retaliate against the latest tariffs imposed by the US for now. Besides, easing crude oil prices also supported the rupee sentiment. Though, unabated foreign fund outflows weighed on the domestic unit restricted its gains. Foreign Institutional Investors (FIIs) remained net sellers in the capital markets, pulling out Rs 986.58 crore on Thursday, as per provisional data. On the global front, the dollar held firm against the yen as comments from Beijing sparked renewed hopes that China and the United States could get full-fledged negotiations back on track to resolve their protracted trade dispute.
The partially convertible currency is currently trading at 71.75, stronger by 5 paise from its previous close of 71.80 on Thursday. The currency touched a high and low of 71.7650 and 71.4950 respectively. The reference rate for the dollar stood at 71.70 and for Euro stood at 79.49 on August 28, 2019. While the reference rate for the Yen stood at 67.77, the reference rate for the Great Britain Pound (GBP) stood at 88.02.
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: