Indian rupee weakened against US dollar on Wednesday due to dollar's strength against other currencies overseas. Further, losses in stock markets on the back of weak global cues and demand for the US currency from importers also weighed on the rupee. Investors are wary of a faster growth prospect in the United States in absence of a big fiscal stimulus from President Donald Trump. On the global front, the dollar struggled near a four-month low against the yen on Wednesday as a bout of investor risk aversion hit US stocks and sent US Treasury yields sharply lower, eroding the greenback's interest rate allure.
The partially convertible currency is currently trading at 65.49, weaker by 21 paise from its previous close of 65.28 on Tuesday. The currency touched a high and low of 65.57 and 65.4525 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.31 and for Euro stood at 70.29 on March 21, 2017. While the RBI’s reference rate for the Yen stood at 57.95, the reference rate for the Great Britain Pound (GBP) stood at 80.62. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| March 21, 2017 | 65.3117 | 80.6273 |
| March 20, 2017 | 65.3827 | 81.0157 |
