Indian rupee weakened against US dollar on Thursday on account of increased demand for the American currency from importers and banks. Besides, dollar's gains against its rivals overseas too added pressure on rupee. Rupee fell further ahead of former FBI director James Comey’s congressional appearance later in the day. Reports suggested that a written testimony from the former FBI director overnight did not add major revelations about an investigation into Russian meddling with last year’s US presidential election. However, some losses were capped due to higher opening in the domestic equity market after the RBI lowered its inflation expectation to 2.0-3.5 percent in the first half of the year and 3.5-4.5 percent in the second half, while keeping the policy rates unchanged. On the global front, Sterling traded near a two-week high on Thursday, supported by expectations that Prime Minister Theresa May's party will win a majority in Britain's general election, while the euro held steady ahead of a European Central Bank policy announcement.
The partially convertible currency is currently trading at 64.39, weaker by 6 paise from its previous close of 64.33 on Wednesday. The currency touched a high and low of 64.5150 and 64.3850 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.45 and for Euro stood at 72.65 on June 07, 2017. While the RBI’s reference rate for the Yen stood at 58.93, the reference rate for the Great Britain Pound (GBP) stood at 83.24. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| June 07, 2017 | 64.4538 | 83.2485 |
| June 06, 2017 | 64.3516 | 83.1616 |
(RBI-Reference Rate)
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