Indian rupee weakened against the US dollar on Thursday, on fresh demand for American currency from banks and importers. Rupee fell further tracking the weakness in Asian currencies as investors weighed the US Federal Reserve’s Beige Book, a key indicator of the US economic health, for US interest rates. Furthermore, lower opening in the domestic equity market also weighed on rupee. However, the dollar’s weakness against some currencies overseas in response to the release of a weaker than expected US ISM Non-Manufacturing Index, capped the losses. On the global front, the yen held on to its recent gains on Thursday as markets looked ahead to a speech by Bank of Japan Deputy Governor later in the day for clues on what the central bank might do at its policy review later this month.
The partially convertible currency is currently trading at 66.45, weaker by 8 paise from its previous close of 66.37 on Wednesday. The currency touched a high and low of 66.49 and 66.4325 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.36 and for Euro stood at 74.69 on September 7, 2016. While the RBI’s reference rate for the Yen stood at 65.46, the reference rate for the Great Britain Pound (GBP) stood at 89.03.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| September 07, 2016 | 66.3618 | 89.0376 |
| September 06, 2016 | 66.5469 | 88.6471 |
