Rising for the fifth consecutive day, Indian rupee ended higher against dollar on Monday, on continued selling of the American currency by exporters and banks and easing crude oil prices. Sentiments remained buoyant with India's factory output growth, measured by the Index of Industrial Production (IIP), grew 1.8% in November 2019, mainly on account of improvement in the manufacturing sector. The IIP had contracted by 1.4% in August, 4.3% in September and 4% (revised) in October in 2019. A spectacular relief rally in local equities also supported the forex sentiment. However, gains remain capped with eminent economist R Nagaraj’s statement that India would need to grow at 9% to achieve the target of $5 trillion economy by 2024, which currently looks ‘unimaginably ambitious’. On the global front, Sterling extended losses on Monday, after data showed Britain’s economy grew at its weakest annual pace in more than seven years in November.
Finally, the rupee ended at 70.86, 8 paise stronger from its previous close of 70.94 on Friday. The currency touched a high and low of 70.93 and 70.75 respectively. The reference rate for the dollar stood at 71.11 and for Euro stood at 79.00 on January 10, 2020. While the reference rate for the Yen stood at 64.90, the reference rate for the Great Britain Pound (GBP) stood at 93.05.
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: