Indian rupee weakened against the US dollar on Wednesday amid weak global cues. Further, losses in the domestic equity market and a strengthening dollar against major currencies overseas amid trade worries also weighed on the rupee. Chinese Vice Premier Liu He will travel to US for two days of trade talks this week setting up a last-ditch bid for a deal that would avoid a sharp increase in tariffs on Chinese goods ordered by US President. During a 10-month US-China trade war, US tariffs have been imposed on $250 billion worth of Chinese goods, and retaliatory Chinese tariffs slapped on $110 billion worth of American products. On the global front, growing fears about the impact of a worsening US-Sino trade conflict on global growth lifted the safe-haven Japanese yen to a six-week high against the dollar on Wednesday.
The partially convertible currency is currently trading at 69.59, weaker by 16 paise from its previous close of 69.43 on Tuesday. The currency touched a high and low of 69.6400 and 69.5350 respectively. The reference rate for the dollar stood at 69.30 and for Euro stood at 77.70 on May 7, 2019. While the reference rate for the Yen stood at 62.59, the reference rate for the Great Britain Pound (GBP) stood at 90.97.
| Date | 1US$ | 1GBP |
| May 07, 2019 | 69.3095 | 90.9706 |
| May 06, 2019 | 69.3558 | 90.9980 |
(Reference Rate)
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