Indian rupee weakened against the US dollar on Tuesday on account of increased demand for the greenback from importers and banks. Rupee fell further as foreign investors continued to liquidate their positions in local equity markets. Also, a strong dollar in overseas markets too weighed on the rupee sentiments. Currency markets were closed on Monday for a holiday. On the global front, the dollar steadied on Tuesday after pulling ahead from a three-year low against a currency basket the previous day, though it was dogged by growing concerns a ballooning fiscal deficit in the United States could disrupt the economy. Traders will be closely watching US Federal Reserve minutes to be released on Wednesday for more clarity on the central bank’s rate hike path.
The partially convertible currency is currently trading at 64.47, weaker by 26 paise from its previous close of 64.21 on Friday. The currency touched a high and low of 64.5225 and 64.4100 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.90 and for Euro stood at 80.16 on February 16, 2018. While the RBI’s reference rate for the Yen stood at 60.46, the reference rate for the Great Britain Pound (GBP) stood at 90.31. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| February 16, 2018 | 63.9097 | 90.3108 |
| February 15, 2018 | 63.9222 | 89.5486 |
(RBI-Reference Rate)
