The Indian rupee weakened marginally against US dollar on Wednesday after the American currency gained ground following a spurt in demand from importers. Besides, the US dollar's gains against some currencies overseas following upbeat remarks on the US economy by Federal Reserve Chief Janet Yellen, too added pressure to rupee. Yellen also said on Tuesday that the Fed will probably need to raise interest rates at an upcoming meeting in March, and that delaying rate increases could leave the Fed's policymaking committee behind the curve. Furthermore, a lower opening in the domestic equity market also put the rupee on the back foot.
The partially convertible currency is currently trading at 66.94, weaker by 2 paise from its previous close of 66.92 on Tuesday. The currency touched a high and low of 66.9550 and 66.8850 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.94 and for Euro stood at 71.08 on February 14, 2017. While the RBI’s reference rate for the Yen stood at 59.06, the reference rate for the Great Britain Pound (GBP) stood at 83.98. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| February 14, 2017 | 66.9439 | 83.9811 |
| February 13, 2017 | 66.9663 | 83.7614 |
(RBI-Reference Rate)
