Indian rupee weakened against the US dollar on Wednesday ahead of RBI’s minutes for the latest policy meeting due later today. Besides, heavy demand for the American currency from importers, persistent outflows by foreign funds, and the dollar’s strength against other currencies overseas too weighed on the domestic currency. However, a higher opening of the equity markets capped the fall. On February 20, rupee had closed at its lowest in three months on rise in capital outflows. As per provisional data released by the stock exchanges, on a net basis, foreign investors withdrew Rs 850.35 crore On February 20.
The partially convertible currency is currently trading at 64.86, weaker by 7 paise from its previous close of 64.79 on Tuesday. The currency touched a high and low of 64.9450 and 64.7200 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.52 and for Euro stood at 79.85 on February 20, 2018. While the RBI’s reference rate for the Yen stood at 60.35, the reference rate for the Great Britain Pound (GBP) stood at 90.12. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| February 20, 2018 | 64.5254 | 90.1291 |
| February 16, 2018 | 63.9097 | 90.3108 |
(RBI-Reference Rate)
