Indian rupee depreciated on Tuesday amid subdued equity markets, unabated outflow of foreign funds and strengthening American currency. Sentiments were weak as the HSBC final India Manufacturing Purchasing Managers' Index, compiled by S&P Global, fell to 56.5 last month (September) from 57.5 in August - the weakest since January - and slightly below a preliminary estimate of 56.7. Growth in India's manufacturing industry cooled to an eight-month low in September as solid demand and output eased slightly. Also, Reserve Bank of India said the country’s current account deficit widened marginally to $9.7 billion or 1.1% of GDP in April-June 2024, as against $8.9 billion or 1% in the year-ago period. On the global front, U.S. dollar gained against major peers on Tuesday after Federal Reserve Chair Jerome Powell pushed back overnight against bets on more supersized interest rate cuts.
Finally, the rupee ended at 83.82 (Provisional), depreciated by 3 paise from its previous close of 83.79 on Monday. The currency touched a high and low of 83.83 and 83.80 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: