Indian rupee weakened to its lowest in more than a year on Friday after the minutes of the monetary policy panel meeting suggested that they were likely to take a more hawkish tone starting as early as June. The Reserve Bank of India's MPC members flagged several concerns, including an increase in minimum support prices for farmers and high and volatile crude oil prices, the minutes released post market hours on Thursday showed. Further, strengthening of dollar against other currencies overseas and increased demand for the dollar from importers also put pressure on the domestic unit.
The partially convertible currency is currently trading at 66.02, weaker by 22 paise from its previous close of 65.80 on Thursday. The currency touched a high and low of 66.1000 and 66.0000 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.78 and for Euro stood at 81.38 on April 19, 2018. While the RBI’s reference rate for the Yen stood at 61.22, the reference rate for the Great Britain Pound (GBP) stood at 93.41. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| April 19, 2018 | 65.7837 | 93.4194 |
| April 18, 2018 | 65.6814 | 93.9835 |
(RBI-Reference Rate)
