Indian rupee weakened marginally against the US dollar in early trade on Tuesday, as the greenback continued its uptrend against major currency, fuelled by hopes that the Fed rate hike is in the offing. St Louis Federal Reserve President James Bullard on Monday said that global markets appear to be well-prepared for a summer interest rate hike from the Fed, even as he did not specify a date for the policy move. Traders are cautious and are avoiding large positions ahead of the key gross domestic product (GDP) and fiscal deficit data due later in the day. However, higher opening in the domestic equity market, capped some losses.
The partially convertible currency is currently trading at 67.22, weaker by 5 paise from its previous close of 67.17 on Monday. The currency touched a high and low of 67.2225 and 67.1050 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.33 and for Euro stood at 74.84 on May 30, 2016. While the RBI’s reference rate for the Yen stood at 60.49, the reference rate for the Great Britain Pound (GBP) stood at 98.4373. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 30, 2016 | 67.3398 | 98.4373 |
| May 27, 2016 | 67.0613 | 98.3923 |
