Indian rupee weakened against US dollar on Wednesday ahead of the announcement of RBI’s monetary policy amid foreign fund outflows. There are expectations that the RBI may keep interest rates unchanged. Further, increased demand for the American currency from importers also weighed on the rupee, but the dollar’s weakness against other currencies overseas limited the losses. On the global front, the dollar edged down on Wednesday, as concerns about a possible US government shutdown offset optimism about progress on tax reform legislation, while the Australian dollar weakened after economic data showed worrying signs for growth.
The partially convertible currency is currently trading at 64.46, weaker by 8 paise from its previous close of 64.38 on Tuesday. The currency touched a high and low of 64.4800 and 64.3900 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 64.37 and for Euro stood at 76.37 on December 05, 2017. While the RBI's reference rate for the Yen stood at 57.15, the reference rate for the Great Britain Pound (GBP) stood at 86.63. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| December 05, 2017 | 64.3764 | 86.6378 |
| December 04, 2017 | 64.3799 | 86.6360 |
