Indian rupee weakened against the US dollar on Wednesday ahead of the release of US Fed meeting minutes scheduled later in the day. Traders are cautious as the Federal Open Market Committee will release minutes of its March 20-21 meeting on Wednesday, at which central bankers raised their target rate a quarter-point for overnight bank lending. However, weakness in the US dollar against select currencies overseas capped some losses in rupee. On the global front, the dollar traded near a two-week low against a basket of currencies after Chinese President Xi Jinping’s promise to cut import tariffs eased concerns about a US-China trade conflict.
The partially convertible currency is currently trading at 65.11, weaker by 12 paise from its previous close of 64.99 on Tuesday. The currency touched a high and low of 65.1650 and 64.9800 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.93 and for Euro stood at 79.90 on April 10, 2018. While the RBI’s reference rate for the Yen stood at 60.58, the reference rate for the Great Britain Pound (GBP) stood at 91.74. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| April 10, 2018 | 64.9368 | 91.7492 |
| April 09, 2018 | 64.9287 | 91.4975 |
(RBI-Reference Rate)
