Indian rupee weakened against the US dollar on Wednesday on heavy demand for the American currency from importers. Besides, persistent outflows by foreign funds and the dollar's strength against other currencies overseas too weighed on rupee. Market sentiments for rupee continued to remain weak on hopes that the US President-elect Donald Trump's proposed fiscal expansion may boost inflation, prompting the Fed to raise rates more aggressively than previously expected. On the global front, the dollar hovered near a recent 13 1/2-year peak on Wednesday, bolstered by strong US housing data that further cemented expectations for a Federal Reserve rate hike in December and more tightening next year.
The partially convertible currency is currently trading at 68.46, weaker by 21 paise from its previous close of 68.25 on Tuesday. The currency touched a high and low of 68.4975 and 68.3600 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.23 and for Euro stood at 72.43 on November 22, 2016. While the RBI’s reference rate for the Yen stood at 61.46, the reference rate for the Great Britain Pound (GBP) stood at 85.16.The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| November 22, 2016 | 68.2317 | 85.1668 |
| November 21, 2016 | 68.2575 | 84.2025 |
