Indian rupee weakened against the US dollar on Tuesday, following increased demand for the American currency from importers and banks amid a weak opening of the domestic equity market. Besides, foreign portfolio investors sold shares worth Rs 316.10 crore on Monday with gross purchases and gross sales of Rs 4493.86 crore and Rs 4809.96 crore, respectively. On the global front, US dollar firmed against a basket of currencies on Tuesday, as the euro and sterling were pressured by political uncertainties in the UK and eurozone, even as it surrendered ground against the perceived safe-haven yen.
The partially convertible currency is currently trading at 64.65, weaker by 16 paise from its previous close of 64.49 on Monday. The currency touched a high and low of 64.6975 and 64.6300 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.55 and for Euro stood at 72.13 on May 29, 2017. While the RBI’s reference rate for the Yen stood at 58.03, the reference rate for the Great Britain Pound (GBP) stood at 82.81. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 29, 2017 | 64.5565 | 82.8195 |
| May 26, 2017 | 64.5945 | 83.1848 |
(RBI-Reference Rate)
