Indian rupee weakened against the US dollar on Wednesday on increased demand for the dollar from importers. Dollar's strength against some currencies overseas too weighed on rupee. Besides, fresh outflow by foreign portfolio investors too affected the currency market sentiment to some extent. However, higher opening of the domestic equity market on better than expected GDP growth in October-December quarter, capped some losses. On the global front, the dollar spurted higher in Asian trade on Wednesday as Federal Reserve policy-setters fanned expectations of a rate hike this month, overshadowing a key speech by US President Donald Trump that offered little details on his stimulus.
The partially convertible currency is currently trading at 66.85, weaker by 16 paise from its previous close of 66.69 on Tuesday. The currency touched a high and low of 66.8725 and 66.76 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.73 and for Euro stood at 70.71 on February 28, 2017. While the RBI’s reference rate for the Yen stood at 59.35, the reference rate for the Great Britain Pound (GBP) stood at 83.05. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| February 28, 2017 | 66.7375 | 83.0548 |
| February 27, 2017 | 66.7249 | 82.8923 |
