Indian rupee weakened against the US currency on Wednesday on some dollar buying by importers and banks. Further, the dollar’s gains against major global currencies too weighed on the domestic unit. Though, a higher opening in the domestic equity market, capped the negative sentiment against the rupee. On the global front, the dollar held firm against major currencies on Wednesday as traders look to whether the US Federal Reserve will indicate faster monetary tightening this year, with the first rate increase of 2018 almost unanimously expected later in the day.
The partially convertible currency is currently trading at 65.22, weaker by 3 paise from its previous close of 65.19 on Tuesday. The currency touched a high and low of 65.2300 and 65.1900 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.19 and for Euro stood at 80.46 on March 20, 2018. While the RBI’s reference rate for the Yen stood at 61.33, the reference rate for the Great Britain Pound (GBP) stood at 91.49. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| March 20, 2018 | 65.1993 | 91.4942 |
| March 19, 2018 | 65.0375 | 90.5582 |
(RBI-Reference Rate)
