SEBI Reg. Investment Advisor

Download App

MoneyWorks4Me

Rupee extends losses; breaches 64 level against a dollar

20 Aug 2013 Evaluate

Indian rupee extended losses to breach 64 to a dollar amid worries about increase in funding weighing on current account deficit in case fund flows taper out of emerging markets. However, rupee recovered marginally from its record lows in the late morning session as Reserve Bank of India (RBI) has reportedly intervened in the foreign exchange market to stem the rupee slide, which touched fresh all time lows in early trade today. Other than that, melting domestic stock market and dollar's strength against other major currencies overseas on expectation that the Federal Reserve will soon taper its bond-buying program weighed on the local currency. Meanwhile, Rating agency Moody's said that, while the rupee depreciation was a new variable for the economy, the factors underpinning it have been incorporated in its investment grade rating for India.

The partially convertible currency is currently trading at 63.75, weaker by 62 paise from its previous close of close at 63.13 on Monday. The currency has touched a high and low of 64.11 and 63.50 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 62.34 and for Euro it stood at 83.06 on August 19, 2013. While, the RBI’s reference rate for the Yen stood at 63.83, the reference rate for the Great Britain Pound (GBP) stood at 97.3721. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP

August 16, 2013

61.8196.56

August 14, 2013

61.51

94.98

(RBI-Reference rate)

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:

×