Indian rupee weakened against dollar in early deals on Tuesday on sustained foreign fund outflows amid increased demand for the US currency from importers. Moreover, fall in the local equity market and Asian currencies also weighed on the domestic currency. The Chinese trade data released today has raised fresh fears over the slowdown in the world's second largest economy, at a time, when the US Fed looks all set to raise interest rate, in a first in nearly seven years, in its forthcoming December 15-16 policy meet. Weakness in China does not only impact the Chinese equity market but also raise chances of foreign outflows from emerging markets (EMs). On the global front, the US dollar held firm against commodity currencies on Tuesday and hovered near decade-highs against its Canadian peer, which has come under renewed pressure this week due to tumbling global oil prices.
The partially convertible currency is currently trading at 66.78, weaker by 5 paise from its previous close of 66.73 on Monday. The currency touched a high and low of 66.83 and 66.7450 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.62 and for Euro stood at 72.40 on December 07, 2015. While, the RBI’s reference rate for the Yen stood at 54.05 the reference rate for the Great Britain Pound (GBP) stood at 100.6524. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| December 07, 2015 | 66.6263 | 100.6524 |
| December 04, 2015 | 66.8365 | 101.0434 |
(RBI-Reference Rate)
