Indian rupee weakened against the US dollar on Wednesday after higher-than-expected consumer price inflation data raised worries about potential central bank rate hikes. Meanwhile, domestic equity markets also opened on a cautious note following global cues. Besides, rise in global crude oil prices, and buying of American currency by banks and importers also weighed on rupee. The dollar stood near a four-week high against a basket of currencies on Wednesday after strong US wholesale price figures kept the Federal Reserve on track for a widely-expected rate rise this week and more in 2018.
The partially convertible currency is currently trading at 64.45, weaker by 5 paise from its previous close of 64.40 on Tuesday. The currency touched a high and low of 64.56 and 64.43 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 64.48 and for Euro stood at 75.92 on December 12, 2017. While the RBI's reference rate for the Yen stood at 56.84, the reference rate for the Great Britain Pound (GBP) stood at 86.04. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| December 12, 2017 | 64.4834 | 86.0466 |
| December 11, 2017 | 64.3616 | 86.3282 |
(RBI-Reference Rate)
