Indian rupee weakened against the US dollar in early deals on Thursday and breached 67-mark due to appreciation of the American currency overseas amid foreign fund outflows. Besides, sustained demand for the greenback from importers and banks as well as weak domestic equity markets also put pressure on the rupee. Rupee weakened further, tracking the losses in the Asian currencies markets after minutes of the US Federal Reserve’s last policy meeting put the prospect of a June interest-rate hike firmly on the table.
The partially convertible currency is currently trading at 67.21, weaker by 23 paise from its previous close of 66.98 on Wednesday. The currency touched a high and low of 67.26 and 67.1350 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.91 and for Euro stood at 75.48 on May 18, 2016. While the RBI’s reference rate for the Yen stood at 61.25, the reference rate for the Great Britain Pound (GBP) stood at 96.6091. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 18, 2016 | 66.9131 | 96.6091 |
| May 17, 2016 | 66.7233 | 96.5953 |
(RBI-Reference Rate)
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