Indian rupee weakened against dollar in early deals on Wednesday due to appreciation of the US currency overseas. Besides, increased demand for the dollar from importers and a weak domestic equity market too added pressure on the rupee. Traders are also avoiding taking huge positions ahead of an event-heavy week. The government will introduce the railway budget on Thursday and Union Budget on 29 February. On the global front, the yen gained against key peers like the dollar and euro on Wednesday as sagging stocks and crude oil drove bids for the safe-haven currency.
The partially convertible currency is currently trading at 68.60, weaker by 2 paise from its previous close of 68.58 on Tuesday. The currency touched a high and low of 68.64 and 68.53 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.64 and for Euro stood at 75.76 on February 23, 2016. While the RBI’s reference rate for the Yen stood at 61.12, the reference rate for the Great Britain Pound (GBP) stood at 96.8934. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| February 23, 2016 | 68.6408 | 96.8934 |
| February 22, 2016 | 68.5517 | 97.8438 |
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