SEBI Reg. Investment Advisor

Download App

MoneyWorks4Me

Rupee ends higher against dollar on Wednesday

24 Jan 2024 Evaluate

Indian rupee ended higher against the dollar on Wednesday as positive domestic markets and a soft US dollar supported the rupee while rising crude oil prices and foreign fund outflows capped gains. Traders took support as data released by the Central Board of Direct Taxes showed that the government’s direct tax-to-GDP ratio stood at a 23-year high of 6.11% in FY23. The Centre’s direct tax collections rose 17.8% year-on-year at Rs 16.6 trillion in FY23. Meanwhile, the first ever HSBC Flash India PMI data showing that the health of the Indian private sector economy improved substantially in January, as a sharper upturn in new work intakes fuelled output growth. The headline HSBC Flash India Composite PMI Output Index - a seasonally adjusted index that measures the month-on-month change in the combined output of India's manufacturing and service sectors - was at 61.0 in January, inside expansion territory for the thirtieth successive month. On the global front, yen rose on Wednesday as Japanese bond yields climbed sharply on hopes that ultra-loose monetary policy will soon end, while the dollar fell as the euro and pound advanced. 

Finally, the rupee ended at 83.13 (Provisional), stronger by 2 paise from its previous close of 83.15 on Tuesday. The currency touched a high and low of 83.16 and 83.11 respectively.

About MoneyWorks4Me

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.

Our Vision

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.

What Makes MoneyWorks4Me Different

Our Approach: Ensuring compounding work its magic on client portfolio.

MoneyWorks4Me ensures this through: