SEBI Reg. Investment Advisor

Download App

MoneyWorks4Me

Rupee depreciates to a week’s low level on Tuesday on strong dollar demand

22 Oct 2013 Evaluate

Indian rupee, prolonging previous two consecutive sessions’ depreciating streak, was trading at a week's low level on Tuesday, on account of strong dollar demand from oil importers and banks, in view of its strength on the overseas market. Meanwhile, subdued trend of local equities on account of prevailing uncertainty on whether the Federal Reserve will start withdrawing stimulus this year, also weighed on the sentiment. However, consistent buying by Foreign Institutional Investors (FIIs) restricted further losses of Indian currency. As per exchange data, foreign funds extended buying for a twelfth consecutive session, provisionally buying $167.8 million on Monday. On the global front, US dollar found its footing in early Asian trading on Tuesday, holding above eight-month lows as investors hedged their bets in case the delayed US payrolls report for September was stronger than expected.

The partially convertible currency is currently trading at 61.79, weaker by 27 paise from its previous close of 61.52 on Monday. The currency has touched a high and low of 61.82 and 61.69 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 61.48 and for Euro it stood at 84.12 on October 21, 2013. While, the RBI’s reference rate for the Yen stood at 62.66, the reference rate for the Great Britain Pound (GBP) stood at 99.4085. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date1US$1GBP

October 21, 2013

61.48 99.4085

October 18, 2013

61.2799.0281
(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:

×