Indian rupee strengthened against US dollar on Wednesday followed by dollar’s weakness at overseas markets. However, dollar demand from banks and importers capped the rupee's gains. On the global front, the dollar fell to a three-year low against its peers on Wednesday, losing its earlier bounce as the euro edged back after shaking off a setback to Chancellor Angela Merkel’s chances of forging a ‘grand coalition’ in Germany.
The partially convertible currency is currently trading at 63.97, stronger by 6 paise from its previous close of 64.03 on Tuesday. The currency touched a high and low of 64.0750 and 63.7500 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 63.76 and for Euro stood at 78.20 on January 16, 2018. While the RBI's reference rate for the Yen stood at 57.50, the reference rate for the Great Britain Pound (GBP) stood at 87.91. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| January 16, 2018 | 63.7602 | 87.9126 |
| January 15, 2018 | 63.4125 | 87.1795 |
(RBI-Reference Rate)
