Indian rupee weakened against the US dollar on Friday on account of fresh demand for the American currency from banks and importers, despite positive macro economic data. Reports showed that Industrial production in November grew by 5.7 percent compared to a contraction of 1.8 percent in the same month a year ago, while retail inflation remained subdued at multi-year low of 3.41 percent in December. The traders are awaiting wholesale price inflation data due on January 16. On the global front, the dollar steadied after hitting a five-week low against the yen and the broader basket of currencies on Friday, after US President-elect Donald Trump's news conference had disappointed some investors earlier in the week.
The partially convertible currency is currently trading at 68.23, weaker by 15 paise from its previous close of 68.08 on Thursday. The currency touched a high and low of 68.2500 and 68.1400 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.08 and for Euro stood at 72.23 on January 12, 2017. While the RBI’s reference rate for the Yen stood at 59.45, the reference rate for the Great Britain Pound (GBP) stood at 83.19. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| January 12, 2017 | 68.0858 | 83.1940 |
| January 11, 2017 | 68.2276 | 82.9579 |
(RBI-Reference Rate)
