Indian rupee weakened against dollar in early deals on Tuesday on increased demand for the American currency from importers and on weakness in domestic equity market. Besides, strength in the US dollar overnight amid speculation over a Fed rate hike and reversal of key technical supports, also kept pressure on the domestic unit. On the global front, the yen nursed broad losses on Tuesday, beaten back from recent peaks following warnings by Japan that it was prepared to step in and weaken the currency. In the wake of the yen's surge, Finance Minister Taro Aso on Monday said Tokyo is ready to intervene to weaken the currency if moves are volatile enough to hurt the country's trade and economy.
The partially convertible currency is currently trading at 66.72, weaker by 14 paise from its previous close of 66.58 on Monday. The currency touched a high and low of 66.74 and 66.6625 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.43 and for Euro stood at 75.80 on May 09, 2016. While the RBI’s reference rate for the Yen stood at 61.73, the reference rate for the Great Britain Pound (GBP) stood at 95.7702. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 09, 2016 | 66.4379 | 95.7702 |
| May 06, 2016 | 66.5830 | 96.3456 |
