Indian rupee bounced back to end higher against the US currency on Tuesday, on persistent selling of the American currency by exporters. Sentiments turned optimistic with report that the Finance Ministry is working on a second relief package for the Indian economy hit hard by the coronavirus outbreak and the 21-day nationwide lockdown imposed to curb the contagion. The local currency also benefited from a strong rally in local equities as well as subdued greenback overseas. Traders overlooked Fitch Ratings’ statement that it has slashed India's growth forecast for the current fiscal to a 30-year low of 2%, from 5.1% projected earlier, as economic recession gripped global economy following the lockdown due to COVID-19 pandemic. On the global front, dollar fell against the yen on Tuesday as underlying concerns about the economic shock wrought by the coronavirus crisis kept many investors on edge.
Finally, the rupee ended at 75.64, 49 paise stronger from its previous close of 76.13 on Friday. The currency touched a high and low of 75.92 and 75.60 respectively. The reference rate for the dollar stood at 75.82 and for Euro stood at 82.21 on April 3, 2020. While the reference rate for the Yen stood at 70.27, the reference rate for the Great Britain Pound (GBP) stood at 93.88.
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: