Indian rupee weakened against the US dollar in early trade on Wednesday on increased demand for the American currency from importers and banks. The rupee weakened further tracking weak cues from other Asian currency markets, after the Atlanta Fed President Dennis Lockhart in an overnight speech said the market should put more probability on June being 'a real option' for rate hike. Lockhart added that the Fed may hike interest rates two times this year. Furthermore, weak domestic equity market too weighed on the rupee sentiment.
The partially convertible currency is currently trading at 66.57, weaker by 15 paise from its previous close of 66.42 on Tuesday. The currency touched a high and low of 66.6550 and 66.5625 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.26 and for Euro stood at 76.61 on May 03, 2016. While the RBI’s reference rate for the Yen stood at 62.65, the reference rate for the Great Britain Pound (GBP) stood at 97.5690. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 03, 2016 | 66.2698 | 97.5690 |
| May 02, 2016 | 66.3435 | 97.0207 |
(RBI-Reference Rate)
