Indian rupee weakened against the US dollar on Tuesday due to increased demand for the US currency from importers amid sustained foreign funds outflow. However, a weak dollar in global markets helped the rupee limit its losses. On the global front, the dollar eased on Tuesday as investors awaited a slew of economic data this week and Federal Reserve Chairman Jerome Powell’s testimony, which could determine whether the US currency’s recovery from a three-year low has more room to run.
The partially convertible currency is currently trading at 64.88, weaker by 9 paise from its previous close of 64.79 on Monday. The currency touched a high and low of 64.9450 and 64.7600 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.66 and for Euro stood at 79.69 on February 26, 2018. While the RBI’s reference rate for the Yen stood at 60.69, the reference rate for the Great Britain Pound (GBP) stood at 90.65. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| February 26, 2018 | 64.6639 | 90.6523 |
| February 23, 2018 | 64.8227 | 90.4017 |
(RBI-Reference Rate)
