Indian rupee weakened against the US dollar on Monday on account of buying of the American currency by banks and importers. Rupee fell further by tracking losses in Asian currencies as crude oil prices gained. Oil prices rose as top OPEC producer Saudi Arabia threatened to retaliate against any punitive measures over the disappearance of journalist and government critic Jamal Khashoggi. On the global front, the dollar firmed against the pound and euro as unsuccessful British efforts to secure a Brexit deal ahead of a key European Union summit reinforced global investors’ preference for safe haven currencies.
The partially convertible currency is currently trading at 73.87, weaker by 30 paise from its previous close of 73.57 on Friday. The currency touched a high and low of 73.9250 and 73.8025 respectively. The reference rate for the dollar stood at 73.79 and for Euro stood at 85.55 on October 12, 2018. While the reference rate for the Yen stood at 65.67, the reference rate for the Great Britain Pound (GBP) stood at 97.65. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| October 12, 2018 | 73.7967 | 97.6537 |
| October 11, 2018 | 74.3875 | 98.2961 |
(Reference Rate)
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