Indian rupee weakened against the US dollar on Wednesday tracking weak domestic equities following losses in Asian markets with Wall Street’s selloff overnight. Further, strengthening American currency and sustained foreign fund outflows too weighed on investor sentiment. Moreover, escalating Indo-China border tensions too dampened rupee sentiments. The Indian Army on Tuesday said Chinese troops fired shots in the air and attempted to close in on an Indian position in eastern Ladakh a day earlier as it rejected charges by China's People's Liberation Army (PLA) that it transgressed across the Line of Actual Control (LAC). Foreign Institutional Investors (FIIs) offloaded shares worth Rs 1,056.52 crore on a net basis on Tuesday, exchange data showed. On the global front, the US dollar gained as a stock market slide spooked investors into selling riskier currencies, while renewed worries about Brexit pushed the pound down to a new six-week low.
The partially convertible currency is currently trading at 73.65, weaker by 5 paise from its previous close of 73.60 on Tuesday. The currency touched a high and low of 73.7300 and 73.5650 respectively. The reference rate for the dollar stood at 73.28 and for Euro stood 86.69 on September 07, 2020. While the reference rate for the Yen stood at 68.95, the reference rate for the Great Britain Pound (GBP) stood at 96.84.
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: