Indian rupee weakened against dollar in early deals on Monday on increased demand for the US currency from importers and its gains against other currencies overseas after stronger than expected US inflation data brightened the prospects of rate hikes in US. Data showed the core consumer price index (CPI), a measure of underlying US inflation, rose in January by the most in nearly 4-1/2 years to a 2.2 percent annualized rate. However, a higher opening of the domestic equity market, capped the losses. On the global front, Sterling tumbled on Monday, hitting a two-year low against the yen, as concern grew that Britain would quit the European Union after influential London Mayor Boris Johnson threw his weight behind the exit campaign. Forex and money markets were closed Friday on account of ‘Shivaji Jayanti’.
The partially convertible currency is currently trading at 68.56, weaker by 10 paise from its previous close of 68.46 on Thursday. The currency touched a high and low of 68.69 and 68.53 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.49 and for Euro stood at 76.32 on February 18, 2016. While the RBI’s reference rate for the Yen stood at 60.15, the reference rate for the Great Britain Pound (GBP) stood at 97.8642. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| February 18, 2016 | 68.4940 | 97.8642 |
| February 17, 2016 | 68.5920 | 98.0180 |
(RBI-Reference Rate)
