Indian rupee weakened against dollar in early trade on Tuesday on sustained demand for the American currency from importers and banks. Besides, disappointing macro economic data of the retail inflation surging to 5.76 percent in May also weighed on the domestic unit. A surprise spike in retail inflation spurred concerns that the Reserve Bank of India (RBI) may wait more for cutting interest rates. Furthermore, fall in global markets ahead of the US Federal Reserve meeting and the UK referendum also dampened sentiments. However, the dollar’s weakness against other currencies overseas and early gains in stock markets capped the rupee’s losses. On the global front, the British pound remained fragile near a two-month low against the dollar on Tuesday and the yen hovered near six-week highs against the US currency on worries Britain may leave the European Union in a referendum less than 10 days away.
The partially convertible currency is currently trading at 67.17, weaker by 3 paise from its previous close of 67.14 on Monday. The currency touched a high and low of 67.1775 and 67.1125 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.07 and for Euro stood at 75.51 on June 13, 2016. While the RBI’s reference rate for the Yen stood at 63.32, the reference rate for the Great Britain Pound (GBP) stood at 95.1172. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| June 13, 2016 | 67.0737 | 95.1172 |
| June 10, 2016 | 66.7948 | 96.5719 |
