Indian rupee weakened against dollar in early deals on Wednesday on account of increased month-end demand for the US currency from importers. The rupee depreciated further ahead of the outcome of US Federal Reserve's two-day policy meet later in the day. Traders will look for any hints of when a second interest rate hike would come. However, a higher opening in the domestic equity market, capped the rupee’s losses. The currency market was closed on Tuesday on account of Republic Day celebrations. On the global front, the dollar struggled to gain traction on Wednesday as markets awaited clues on interest rate policy from the Federal Reserve, while the Australian dollar rose after one measure of domestic inflation was slightly higher than expected.
The partially convertible currency is currently trading at 67.94, weaker by 11 paise from its previous close of 67.83 on Monday. The currency touched a high and low of 68.0425 and 67.9375 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.64 and for Euro stood at 73.12 on January 25, 2016. While the RBI’s reference rate for the Yen stood at 56.93, the reference rate for the Great Britain Pound (GBP) stood at 96.7360. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| January 25, 2016 | 67.6428 | 96.7360 |
| January 22, 2016 | 67.7480 | 96.4461 |
(RBI-Reference Rate)
