Rising for second session, Indian Rupee ended stronger against dollar on Thursday due to fresh selling of the American currency by banks and exporters. Traders were optimistic as RBI stated that the two per cent interest subvention scheme for micro, small and medium enterprises (MSMEs) on loans extended by co-operative banks has been extended till March 31, 2021. However, upside remained capped as World Bank said that India’s GDP is expected to contract by 9.6 per cent this fiscal which is reflective of the national lockdown and the income shock experienced by households and firms due to the COVID-19 pandemic, noting that the country’s economic situation is ‘much worse’ than ever seen before. On the global front, dollar and Japanese yen nursed losses after the revival of hopes for some U.S. stimulus spending improved investor sentiment, while the prospect of negative interest rates dragged on the New Zealand dollar.
Finally, the rupee ended at 73.24, 9 paise stronger from its previous close of 73.33 on Wednesday. The currency touched a high and low of 73.35 and 73.22 respectively. The reference rate for the dollar stood at 73.36 and for Euro stood 86.16 on October 07, 2020. While the reference rate for the Yen stood at 69.38, the reference rate for the Great Britain Pound (GBP) stood at 94.62.
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: