Indian rupee weakened against the US dollar on Tuesday due to fears that the US Fed is not done with raising borrowing costs, which would trigger capital flight from emerging countries, including India. Besides, the US currency’s increasing appeal among importers and banks led to foreign capital outflows, too weighed on domestic unit. However, a firm domestic equity market curbed the rupee's further losses. On the global front, the dollar hit a three-week high against the yen on Tuesday, after an influential Federal Reserve official said U.S. inflation should rise alongside wages, supporting expectations for the Fed to keep raising interest rates.
The partially convertible currency is currently trading at 64.47, weaker by 5 paise from its previous close of 64.42 on Monday. The currency touched a high and low of 64.5325 and 64.4700 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.37 and for Euro stood at 72.10 on June 19, 2017. While the RBI’s reference rate for the Yen stood at 57.98, the reference rate for the Great Britain Pound (GBP) stood at 82.20. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| June 19, 2017 | 64.3788 | 82.2053 |
| June 16, 2017 | 64.5883 | 82.5116 |
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