Indian rupee weakened against the dollar in early trade on Friday due to higher demand for the dollar from importers. However, a higher opening in the domestic equity market capped the losses. On the global front, the euro on Friday hovered near the three-week high. It hit overnight after the European Central Bank roiled markets by suggesting that it was done cutting interest rates for now. The European Central Bank (ECB) cut interest rates on Thursday to boost the euro zone economy, surprising financial markets by dropping its main refinancing rate to zero from 0.05% and increased monthly asset buys to 80 billion euros from 60 billion euros.
The partially convertible currency is currently trading at 67.09, weaker by 2 paise from its previous close of 67.07 on Thursday. The currency touched a high and low of 67.18 and 66.90 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.05 and for Euro stood at 73.62 on March 10, 2016. While the RBI’s reference rate for the Yen stood at 58.99, the reference rate for the Great Britain Pound (GBP) stood at 95.2258. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| March 10, 2016 | 67.0510 | 95.2258 |
| March 09, 2016 | 67.4632 | 95.6965 |
(RBI-Reference Rate)
