Indian rupee weakened against the US dollar on Monday, halting its four-day winning streak, ahead of Reserve Bank of India’s (RBI) board meet. Financial markets, banks and corporate houses are eagerly waiting for Monday’s crucial RBI board meeting. It is likely to set the tone on sensitive issues like easier loan sanctions to micro, small & medium enterprises (MSME), relaxation of prompt corrective action (PCA) on weaker banks, and fund transfer to the government. Further, fresh demand for the American currency from importers amid rise in crude prices too weighed on the domestic unit. However, weakness in the US dollar against some currencies in global market and a higher opening of the domestic equity markets limited the rupee fall.
The partially convertible currency is currently trading at 71.97, weaker by 4 paise from its previous close of 71.93 on Friday. The currency touched a high and low of 72.0875 and 71.9600 respectively. The reference rate for the dollar stood at 71.80 and for Euro stood at 81.46 on November 16, 2018. While the reference rate for the Yen stood at 63.37, the reference rate for the Great Britain Pound (GBP) stood at 91.92. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| November 16, 2018 | 71.8023 | 91.9247 |
| November 15, 2018 | 72.1600 | 93.9518 |
(Reference Rate)
