Erasing all initial gains, Indian rupee ended weaker against dollar on Wednesday, on emergence of demand for the greenback from importers. Investors’ sentiment remained fragile with former finance secretary Subhash Chandra Garg’s statement that the Indian economy will shrink by 10 percent or Rs 20 lakh crore in current financial year (FY21), the first contraction in over 40 years, due to a faulty COVID lockdown. However, gains in domestic equity markets provided some support to the rupee, keeping the downside in check. On the global front, euro topped an 11-week high on Wednesday, on track for a seven-day winning streak, with the dollar falling against most currencies as the prospects of more stimulus and hopes for economic recovery emboldened investors to buy riskier assets.
Finally, the rupee ended at 75.47, 11 paise weaker from its previous close of 75.36 on Tuesday. The currency touched a high and low of 75.52 and 75.04 respectively. The reference rate for the dollar stood at 75.58 and for Euro stood at 84.11 on June 02, 2020. While the reference rate for the Yen stood at 70.16, the reference rate for the Great Britain Pound (GBP) stood at 94.63.
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: