Indian rupee weakened against the US dollar on Tuesday on some dollar-buying by importers and banks. Further, dollar's gains against major global currencies ahead of the US Federal Reserve's key policy meet that kicks off later in the day, in which it is expected to hike interest rates, weighed on the domestic unit. On the global front, the euro on Tuesday held onto gains made the previous day when traders revived bets that the European Central Bank would raise interest rates sooner than previously thought.
The partially convertible currency is currently trading at 65.24, weaker by 7 paise from its previous close of 65.17 on Monday. The currency touched a high and low of 65.2450 and 65.1850 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.03 and for Euro stood at 79.77 on March 19, 2018. While the RBI’s reference rate for the Yen stood at 61.50, the reference rate for the Great Britain Pound (GBP) stood at 90.55. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| March 19, 2018 | 65.0375 | 90.5582 |
| March 16, 2018 | 64.8737 | 90.4858 |
(RBI-Reference Rate)
