Indian rupee weakened against dollar in early trade on Monday following month-end demand for the American currency from importers and banks. Further, the US dollar’s gain against other currencies overseas also gave the rupee the sinking feeling. Traders will be cautious on a possible June rate hike in the US. The US Federal Open Market Committee’s (FOMC) meet scheduled for 14-15 June will decide whether or not to increase key lending rates. However, a higher opening of the domestic equity market capped the losses. On the global front, the dollar hit a one-month high against the yen on Monday and stood tall against other peers after comments by Federal Reserve Chair Janet Yellen enhanced the prospects of a near-term US interest rate hike.
The partially convertible currency is currently trading at 67.34, weaker by 31 paise from its previous close of 67.03 on Friday. The currency touched a high and low of 67.3475 and 67.22 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.06 and for Euro stood at 75.08 on May 27, 2016. While the RBI’s reference rate for the Yen stood at 61.12, the reference rate for the Great Britain Pound (GBP) stood at 98.3923. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 27, 2016 | 67.0613 | 98.3923 |
| May 26, 2016 | 67.2855 | 98.9501 |
