Indian rupee weakened against the US dollar on Wednesday due to increased demand for the American currency from importers amid foreign fund outflows. Further, the strengthening of dollar against other currencies overseas on strong US sales data weighed on the rupee sentiment. Though, domestic equity markets opened in green despite mixed global cues. Financial markets were closed on Tuesday on account of Independence Day. On the global front, the dollar edged slightly lower in early Asian trading on Wednesday but held most of its gains made after US retail sales data suggested the economy continued to gain momentum in the third quarter and kept alive hopes for another Federal Reserve interest rate hike this year.
The partially convertible currency is currently trading at 64.25, weaker by 13 paise from its previous close of 64.12 on Monday. The currency touched a high and low of 64.33 and 64.24 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.02 and for Euro stood at 75.70 on August 14, 2017. While the RBI’s reference rate for the Yen stood at 58.43, the reference rate for the Great Britain Pound (GBP) stood at 83.27. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| August 14, 2017 | 64.0253 | 83.2777 |
| August 11, 2017 | 64.1693 | 83.2661 |
(RBI-Reference Rate)
