Indian rupee weakened against US dollar on Tuesday on increased demand for the American unit from importers and banks amid foreign capital outflows. Besides, dollar’s strength against currencies overseas because of increased prospects of a US interest rate hike, and weakness in the domestic equity market also weighed on the domestic unit. On the global front, the dollar held near nine-month highs against a basket of major currencies as solid US manufacturing activity and comments from a Federal Reserve official cemented expectations of a US rate hike by year-end.
The partially convertible currency is currently trading at 66.88, weaker by 4 paise from its previous close of 66.84 on Monday. The currency touched a high and low of 66.93 and 66.8650 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.86 and for Euro stood at 72.80 on October 21, 2016. While the RBI’s reference rate for the Yen stood at 64.43, the reference rate for the Great Britain Pound (GBP) stood at 81.67. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| October 24, 2016 | 66.8625 | 81.6725 |
| October 21, 2016 | 66.8943 | 81.9589 |
