Indian rupee weakened against dollar, falling for the third consecutive day in the early trade on Friday, on appreciation of the American currency against other major currencies globally as the US Federal Reserve prepares to hike rates. Besides, increased demand for dollar from importers and a lower opening in the domestic equity market, too weighed on the local currency. On the global front, the euro hovered near one-week highs against the dollar early on Friday as relief from Greece taking another step towards a bailout prompted bouts of short-covering, while lower US debt yields put the greenback on the defensive versus the yen. Currency markets globally were keenly awaiting key economic releases including PMI readings in the euro zone and the US scheduled later in the day. But what is expected to drive the currency movement in the near term is the two-day US Fed policy meet commencing Tuesday next week.
The partially convertible currency is currently trading at 63.93, weaker by 16 paise from its previous close of 63.77 on Thursday. The currency touched a high and low of 63.9825 and 63.91 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.71 and for Euro stood at 69.62 on July 23, 2015. While, the RBI’s reference rate for the Yen stood at 51.37, the reference rate for the Great Britain Pound (GBP) stood at 99.5719. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| July 23, 2015 | 63.7138 | 99.5719 |
| July 22, 2015 | 63.5283 | 99.1931 |
(RBI-Reference Rate)
