Indian rupee weakened against the dollar on Tuesday on account of buying of American currency by banks and importers. Traders are cautious ahead of key domestic macro-economic data due later in the day and the two-day rate-setting meeting of the Federal Open Market Committee that begins later on Tuesday. Further, the US dollar's gains against some currencies overseas too put the rupee on the backfoot. However, a higher opening of the domestic equity market capped the rupee's fall. On the global front, the dollar steadied against the yen and euro on Tuesday as a surge in Treasury yields was tempered and as the market braced for the outcome of the Federal Reserve's policy meeting starting later in the day. Indian Money market had remained closed on Monday for Eid-e-Milad.
The partially convertible currency is currently trading at 67.49, weaker by 8 paise from its previous close of 67.41 on Friday. The currency touched a high and low of 67.51 and 67.4275 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.58 and for Euro stood at 71.76 on December 9, 2016. While the RBI’s reference rate for the Yen stood at 59.06, the reference rate for the Great Britain Pound (GBP) stood at 85.12.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| December 09, 2016 | 67.5840 | 85.1289 |
| December 08, 2016 | 67.4325 | 85.2414 |
