Indian rupee weakened against US dollar in early trade on Wednesday ahead of key global economic data. Traders were focused on the US jobs report for the month of November, due to be released on 4 December, which is expected to influence the timing for the first US interest rate hike since 2006. Besides Fed’s outcome, traders will also watch the European Central Bank’s (ECB) meeting on 3 December, which is expected to cut interest rates on euro deposits and extend its quantitative easing program. However, a higher opening in the domestic stock markets and the dollar’s weakness against other currencies overseas, capped some losses. On the global front, the US dollar edged back toward multi-month highs on Wednesday, taking back some ground lost when bulls got cold feet after data showed US manufacturing contracted in November for the first time in three years.
The partially convertible currency is currently trading at 66.60, weaker by 11 paise from its previous close of 66.49 on Tuesday. The currency touched a high and low of 66.6350 and 66.46 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.51 and for Euro stood at 70.43 on December 01, 2015. While, the RBI’s reference rate for the Yen stood at 54.13 the reference rate for the Great Britain Pound (GBP) stood at 100.4355. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| December 01, 2015 | 66.5180 | 100.4355 |
| November 30, 2015 | 66.8148 | 100.3692 |
(RBI-Reference Rate)
