Indian rupee weakened against the US dollar on Thursday on account of increased demand for the American currency from importers. Besides, a strengthening dollar against other currencies overseas also put pressure on the domestic unit. However, a higher opening in the domestic equity market restricted the rupee's losses. On the global front, the dollar hit a six-week high against the yen on Thursday, after the US Federal Reserve downplayed weak first-quarter economic growth. The Fed kept interest rates unchanged on Wednesday while emphasizing the strength of the labor market - a sign it was still on track for two more rate rises this year.
The partially convertible currency is currently trading at 64.21, weaker by 6 paise from its previous close of 64.15 on Wednesday. The currency touched a high and low of 64.24 and 64.19 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.14 and for Euro stood at 70.03 on May 03, 2017. While the RBI’s reference rate for the Yen stood at 57.24, the reference rate for the Great Britain Pound (GBP) stood at 82.79. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 03, 2017 | 64.1439 | 82.7969 |
| May 02, 2017 | 64.2072 | 82.6925 |
