Reversing previous session gains, Rupee tumbled against dollar on Monday, on account of sustained dollar demand from importers and banks. Traders overlooked Services Export Promotion Council’s (SEPC) statement that services exports have been recording healthy growth rate consistently and are expected to grow by 28 per cent in 2021-22 to take the exports to nearly $266 billion. Meanwhile, country’s foreign exchange reserves surged by $9.427 billion to record high of $ 620.576 billion in the week ended July 30. In the previous week ended July 23, the reserves had declined by $ 1.581 billion to $ 611.149 billion. On the global front, dollar hit a four-month high against the euro on Monday, reversing a recent fall after strong labor market data encouraged investors to bring forward their bets on the Federal Reserve reducing its pandemic-era stimulus.
Finally, the rupee ended 74.26, weaker by 11 paise from its previous close of 74.15 on Friday. The currency touched a high and low of 74.29 and 74.21 respectively.
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: