Indian rupee weakened against the US dollar on Tuesday after Moody's Investors Service downgraded India's sovereign rating to Baa3, lowest investment grade rating, from Baa2 earlier. Moreover, investors are also concerned about rising corona virus pandemic cases and its impact on the economy. The death toll in India due to corona virus rose to 5,598 and the number of the number of infections rose to 1,98,706, while the number of cases around the world has crossed 62.66 lakh with death toll topped at 3.75 lakh. Sustained rise in crude oil prices too weighed on the domestic currency. Though, firm domestic equities and foreign fund inflows supported the rupee and restricted the fall. Foreign Institutional Investors (FIIs) bought equity shares worth Rs 1,575.46 crore on Monday, exchange data showed.
The partially convertible currency is currently trading at 75.57, weaker by 3 paise from its previous close of 75.54 on Monday. The currency touched a high and low of 75.6050 and 75.5300 respectively. The reference rate for the dollar stood at 75.63 and for Euro stood at 83.91 on May 29, 2020. While the reference rate for the Yen stood at 70.56, the reference rate for the Great Britain Pound (GBP) stood at 93.31.
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: