Indian rupee breached 68-mark and weakened against the US dollar on Monday tracking the losses in the Asian currencies markets and also on the pessimism on domestic markets following the lower economic growth projections last Friday. India's gross domestic product (GDP) economy is expected to grow by 7.1 percent in the year 2016-2017 from 7.6% the previous year, the country's statistics ministry said in a statement on Friday. The expected drop is attributed to Indian Prime Minister Narendra Modi's demonetization move on November 8. Further, increased demand for the American unit from importers and banks and dollar's strength against some other currencies overseas also weighed on the local unit. On the global front, the dollar marked time in Asia on Monday after signs of wage pressure in the December US jobs report proved enough to lift Treasury yields, but with bulls wary of a setback following last week's wave of profit-taking.
The partially convertible currency is currently trading at 68.22, weaker by 26 paise from its previous close of 67.96 on Friday. The currency touched a high and low of 68.2375 and 68.1450 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.95 and for Euro stood at 71.86 on January 6, 2017. While the RBI’s reference rate for the Yen stood at 58.50, the reference rate for the Great Britain Pound (GBP) stood at 84.09.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| January 06, 2017 | 67.9522 | 84.0976 |
| January 05, 2017 | 67.7884 | 83.7051 |
