Indian rupee weakened against the US dollar on Tuesday after concerns over trade deficit ballooning to a three-year high. The commerce ministry data showed that trade deficit or difference between imports and exports was $14.88 billion in December, up about 41 percent year-on-year, as crude oil and gold import bill inflated. Rupee fell further on dollar's strength against some other currencies overseas. On the global front, the euro inched lower on Tuesday, taking a breather after having rallied on the back of optimism about the euro zone’s economic outlook and expectations for the European Central Bank to wind down its massive monetary stimulus.
The partially convertible currency is currently trading at 63.71, weaker by 23 paise from its previous close of 63.48 on Monday. The currency touched a high and low of 63.8550 and 63.5900 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 63.41 and for Euro stood at 77.44 on January 15, 2018. While the RBI's reference rate for the Yen stood at 57.23, the reference rate for the Great Britain Pound (GBP) stood at 87.17. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| January 15, 2018 | 63.4125 | 87.1795 |
| January 12, 2018 | 63.5263 | 86.0527 |
(RBI-Reference Rate)
