Indian rupee weakened against the US dollar on Thursday even after increased selling of the American currency by exporters and banks, and weakness in the dollar against other currencies. Meanwhile, a private poll showed that the Indian economy probably gained a little momentum in the first three months of 2018 which should ensure that it remains the world’s fastest growing major economy. As per the poll, India’s GDP growth seen at 7.3% in January-March 2018, a touch faster than 7.2% in October-December 2017 - and well above China’s GDP growth of 6.8% in the March quarter. On the global front, the euro won a reprieve on Thursday, holding on to the strong gains it made on Wednesday, as Italian leaders moved to mitigate political turbulence and avoid a potentially disruptive early election.
The partially convertible currency is currently trading at 67.46, weaker by 3 paise from its previous close of 67.43 on Wednesday. The currency touched a high and low of 67.5950 and 67.3150 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.62 and for Euro stood at 78.19 on May 30, 2018. While, the RBI’s reference rate for the Yen stood at 62.21, the reference rate for the Great Britain Pound (GBP) stood at 89.70. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 30, 2018 | 67.6288 | 89.7028 |
| May 29, 2018 | 67.8201 | 90.1668 |
(RBI-Reference Rate)
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