Indian rupee ends considerably lower against dollar on Monday on emergence of demand for the greenback from importers. Sentiments were downbeat as Global rating agency S&P in its latest report stated that the India’s economy is likely to experience a record contraction in the current financial year (FY21) mainly due to the global Covid-19 pandemic, and the real GDP growth is expected to recover from next fiscal onwards. Meanwhile, Reserve Bank of India (RBI) in its latest data has showed that bank credit rose by 5.26 percent to Rs 102.24 lakh crore, while deposits grew by 11.98 percent to Rs 142.48 lakh crore in the fortnight ended September 11. On the global front; Sterling traders not panicked yet by new Brexit brinkmanship. Britain may be heading for a no-deal Brexit in three months, but among traders in London the feeling so far is one of deja vu rather than a panicky rush to dump UK assets.
Finally, the rupee ended at 73.79, 17 paise weaker from its previous close of 73.61 on Friday. The currency touched a high and low of 73.86 and 73.53 respectively. The reference rate for the dollar stood at 73.72 and for Euro stood 86.04 on September 25, 2020. While the reference rate for the Yen stood at 70, the reference rate for the Great Britain Pound (GBP) stood at 94.05.
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: