Indian rupee weakened against the US dollar on Tuesday on account of increased demand for the American currency from importers amid sustained foreign fund outflows. Rupee fell further as the dollar gained strength against other currencies overseas, as investors raised expectations of another US interest rate hike next month. However, a firm domestic equity market restricted the rupee’s losses. On the global front, the euro pulled back from recent six-month highs on Tuesday, but remained well-supported as fading worries over political populism and signs of improving economic conditions in Europe bolstered investor confidence.
The partially convertible currency is currently trading at 64.48, weaker by 17 paise from its previous close of 64.31 on Monday. The currency touched a high and low of 64.5250 and 64.4450 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.21 and for Euro stood at 70.49 on May 08, 2017. While the RBI’s reference rate for the Yen stood at 56.99, the reference rate for the Great Britain Pound (GBP) stood at 83.25. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 08, 2017 | 64.2154 | 83.2553 |
| May 05, 2017 | 64.3079 | 83.1308 |
(RBI-Reference Rate)
