Indian rupee weakened against the US dollar on Tuesday as the dollar remained firm against other currencies overseas. Moreover, increased month-end demand from banks and importers and a weak domestic equity market too weighed on domestic unit. Rupee fell further after the Economic Survey said a pause in fiscal consolidation cannot be ruled out. On the global front, the dollar held above a recent three-year low against a basket of major currencies on Tuesday, with traders turning their attention to US President Donald Trump’s State of the Union speech and a Federal Reserve policy meeting for catalysts.
The partially convertible currency is currently trading at 63.73, weaker by 15 paise from its previous close of 63.58 on Monday. The currency touched a high and low of 63.7450 and 63.6450 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 63.54 and for Euro stood at 78.86 on January 29, 2018. While the RBI's reference rate for the Yen stood at 58.38, the reference rate for the Great Britain Pound (GBP) stood at 89.82. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| January 29, 2018 | 63.5470 | 89.8237 |
| January 25, 2018 | 63.4983 | 90.9169 |
(RBI-Reference Rate)
