The Indian rupee weakened against the US dollar on Thursday on foreign fund outflows amid increased demand for the American currency from importers, despite higher opening in the domestic equity market ahead of the key inflation and index of industrial production (IIP) data due later in the day. Consumer Price Index (CPI) reading for April is expected at 5.05% (yoy basis), marginally higher compared with 4.83% during the prior month, while IIP for March is expected at 2.52% versus 2% in February. On the global front, the dollar edged higher against the yen on Thursday with traders citing position-squaring by short-term players, although doubts over global growth prospects continued to cloud the greenback's outlook.
The partially convertible currency is currently trading at 66.59, weaker by 3 paise from its previous close of 66.56 on Wednesday. The currency touched a high and low of 66.63 and 66.5350 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.69 and for Euro stood at 75.96 on May 11, 2016. While the RBI’s reference rate for the Yen stood at 61.43, the reference rate for the Great Britain Pound (GBP) stood at 96.4355. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 11, 2016 | 66.6958 | 96.4355 |
| May 10, 2016 | 66.7224 | 96.1069 |
(RBI-Reference Rate)
