Indian rupee weakened against the US dollar on Monday on account of increased demand for the American currency from importers. Further, dollar’s strength against some other currencies overseas also weighed on the rupee, but a firm opening of domestic equity market restricted some losses. On the global front, the dollar inched up to a seven-month high against a basket of currencies on Monday, retaining momentum from upbeat US data last week that reinforced expectations of a December interest rate hike by the Federal Reserve. The US producer price index for final demand increased 0.3 percent last month. In the 12 months through September, the PPI jumped 0.7 percent, the biggest increase since December 2014.
The partially convertible currency is currently trading at 66.78, weaker by 7 paise from its previous close of 66.71 on Friday. The currency touched a high and low of 66.8625 and 66.7750 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.84 and for Euro stood at 73.68 on October 14, 2016. While the RBI’s reference rate for the Yen stood at 64.23, the reference rate for the Great Britain Pound (GBP) stood at 81.48.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| October 14, 2016 | 66.8481 | 81.4811 |
| October 13, 2016 | 66.8473 | 81.3131 |
