Indian rupee weakened against US dollar on Monday as strengthening American currency overseas after China and the US struck a deal to avert a trade war. Besides, increased demand for the dollar from importers and banks also put pressure on the local currency. Furthermore, higher crude oil prices and losses in Asian currencies too weighed in the domestic unit. On the global front, the dollar edged up against the yen on Monday, after US Treasury Secretary Steven Mnuchin said the US trade war with China is ‘on hold’, boosting risk sentiment amid hopes for an easing of trade tensions between the world’s two biggest economies.
The partially convertible currency is currently trading at 68.08, weaker by 8 paise from its previous close of 68.00 on Friday. The currency touched a high and low of 68.1600 and 68.0675 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.95 and for Euro stood at 80.27 on May 18, 2018. While the RBI’s reference rate for the Yen stood at 61.31, the reference rate for the Great Britain Pound (GBP) stood at 91.87. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 18, 2018 | 67.9577 | 91.8788 |
| May 17, 2018 | 67.7156 | 91.6463 |
(RBI-Reference Rate)
