Indian rupee weakened against the US dollar on Thursday due to increased demand for the US currency from importers amid foreign fund outflows. Besides, the American unit strengthened overseas too put pressure on the rupee. On the global front, the dollar recovered ground on Thursday, drawing relief from positive labour market data and the White House saying Canada and Mexico, and possibly other countries, may be exempted from planned US import tariffs on steel and aluminium. While, the euro trod water ahead of a European Central Bank meeting, later in the day, that is expected to leave policy rates unchanged for now, but may provide clues to the future.
The partially convertible currency is currently trading at 64.97, weaker by 8 paise from its previous close of 64.89 on Wednesday. The currency touched a high and low of 64.9950 and 64.9100 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.96 and for Euro stood at 80.74 on March 07, 2018. While the RBI’s reference rate for the Yen stood at 61.55, the reference rate for the Great Britain Pound (GBP) stood at 90.33. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| March 07, 2018 | 64.9627 | 90.3371 |
| March 06, 2018 | 64.9941 | 89.9063 |
(RBI-Reference Rate)
