Indian rupee weakened against the US dollar on Wednesday as the US dollar’s strengthened overseas, mainly an outcome of the US Fed’s recent decision to shrink its balance sheet, keeping pressure on the rupee. However, fresh selling of the US dollar by banks and exporters, capped some losses. On the global front, the US dollar was underpinned by remarks from the Federal Reserve chief on the need to continue with rate hikes, while the euro licked the wounds from political uncertainty following the German election at weekend.
The partially convertible currency is currently trading at 65.53, weaker by 9 paise from its previous close of 65.44 on Tuesday. The currency touched a high and low of 65.6050 and 65.3500 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 65.33 and for Euro stood at 77.43 on September 26, 2017. While the RBI's reference rate for the Yen stood at 58.58, the reference rate for the Great Britain Pound (GBP) stood at 88.07. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| September 26, 2017 | 65.3371 | 88.0744 |
| September 25, 2017 | 64.8357 | 87.9367 |
