Indian rupee weakened against the US dollar in morning trade on Thursday as traders were cautious ahead of macroeconomic data. The government will issue consumer price inflation (CPI) data for July and Index of Industrial Production (IIP) data for June on 12 August. Besides, higher demand for the American currency from importers and banks amid a lower opening in the domestic equity market, weighed on rupee. However, dollar was trading weak as compared to other emerging currencies, as hopes that US Federal Reserve will raise interest rates this year faded, restricting the losses. On the global front, the New Zealand dollar surged to its highest level in more than a year on Thursday after the Reserve Bank of New Zealand cut interest rates as expected, disappointing some who had been betting on more aggressive easing.
The partially convertible currency is currently trading at 66.89, weaker by 18 paise from its previous close of 66.71 on Wednesday. The currency touched a high and low of 66.9125 and 66.8250 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.74 and for Euro stood at 74.38 on 10 August 2016. While, the RBI’s reference rate for the Yen stood at 65.84, the reference rate for the Great Britain Pound (GBP) stood at 87.04. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| August 10, 2016 | 66.7442 | 87.0411 |
| August 09, 2016 | 66.9633 | 86.9920 |
