Indian rupee weakened and hit an all-time low of 74.50 against the US dollar on Thursday on account of buying in American currency by banks and importers amid unabated foreign fund outflows. Further, sharp losses in the domestic equity market and concerns of fears of rising fiscal deficit also weighed on the domestic currency. On the global front, the US dollar, usually seen as a safe haven in turbulent times, surprised some currency strategists by losing ground after spooked investors drove US stocks to their worst fall in nearly eight months.
The partially convertible currency is currently trading at 74.41, weaker by 20 paise from its previous close of 74.21 on Wednesday. The currency touched a high and low of 74.50 and 74.3675 respectively. The reference rate for the dollar stood at 74.13 and for Euro stood at 85.26 on October 10, 2018. While the reference rate for the Yen stood at 65.60, the reference rate for the Great Britain Pound (GBP) stood at 97.62. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| October 10, 2018 | 74.1316 | 97.6284 |
| October 09, 2018 | 74.0989 | 96.9895 |
(Reference Rate)
