Indian rupee weakened against the US dollar on Friday due to a strong demand for the American currency globally on the prospect of higher US interest rates with investors betting Donald Trump’s huge spending policies. Besides, a lower opening of the domestic equity markets on profit-booking at higher levels and foreign capital outflows ahead of IIP data to be released later in the day, also weighed on the rupee. Meanwhile, the equity market had gained yesterday on the back of a rally in the banking stocks in anticipation of rise in deposits after withdrawal of high value notes and investors coming to terms with the US poll result. On the global front, the dollar hovered near 3 month high versus the yen on Friday, after making big gains overnight as the markets prepared for a Donald Trump presidency that could stimulate the US economy fiscally and lift interest rates.
The partially convertible currency is currently trading at 67.03, weaker by 41 paise from its previous close of 66.62 on Thursday. The currency touched a high and low of 67.1500 and 66.9000 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.42 and for Euro stood at 72.71 on November 10, 2016. While the RBI’s reference rate for the Yen stood at 63.02, the reference rate for the Great Britain Pound (GBP) stood at 82.50.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| November 10, 2016 | 66.4273 | 82.5093 |
| November 09, 2016 | 66.7968 | 83.4292 |
(RBI-Reference Rate)
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