Indian rupee weakened against the US dollar on Wednesday due to fresh demand for the American currency from banks and importers. Besides, the US dollar’s gains against some currencies overseas too added pressure to the rupee. The rupee declined further ahead of key macroeconomic data -- Index of Industrial Production (IIP) for February and Consumer Price Index-based (CPI) inflation for March -- due later in the day. On the global front, the yen hit five-month highs against the dollar, euro and sterling on Wednesday, as simmering geopolitical tensions checked risk appetite and put the safe-haven Japanese currency in favor. Investors' flight-to-safety underpinned traditional safe-havens like the yen, Treasuries and gold, amid fresh concerns about the French presidential election and possible US military action against Syria and North Korea.
The partially convertible currency is currently trading at 64.70, weaker by 20 paise from its previous close of 64.50 on Tuesday. The currency touched a high and low of 64.7325 and 64.5375 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.54 and for Euro stood at 68.30 on April 11, 2017. While the RBI’s reference rate for the Yen stood at 58.37, the reference rate for the Great Britain Pound (GBP) stood at 80.13. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| April 11, 2017 | 64.5438 | 80.1376 |
| April 10, 2017 | 64.4418 | 79.8563 |
