Indian rupee weakened against the US dollar on Wednesday on month-end dollar demand and fresh foreign funds outflows. Further, traders avoided taking long positions ahead of fiscal deficit data for April-December, annual GDP data for fiscal year 2017 and US Federal Reserve rate decision. On the global front, the dollar inched lower against a basket of major rivals on Wednesday, showing scant reaction to US President Donald Trump’s State of the Union address.
The partially convertible currency is currently trading at 63.69, weaker by 8 paise from its previous close of 63.61 on Tuesday. The currency touched a high and low of 63.7500 and 63.6100 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at 63.75 and for Euro stood at 78.75 on January 30, 2018. While the RBI's reference rate for the Yen stood at 58.62, the reference rate for the Great Britain Pound (GBP) stood at 89.38. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| January 30, 2018 | 63.7534 | 89.3886 |
| January 29, 2018 | 63.5470 | 89.8237 |
(RBI-Reference Rate)
