Indian rupee weakened against the US dollar on Wednesday on account of fresh demand for the American currency from importers and banks amid foreign fund outflows. Further, concerns over oil prices, a global trade war threat, and the widening current account deficit have also weighed on the domestic unit. On the global front, the dollar edged up on Wednesday, as firm US economic data supported the greenback against the yen and headline risks around US-China trade relations and tensions in the Middle East appeared to take a backseat.
The partially convertible currency is currently trading at 65.66, weaker by 2 paise from its previous close of 65.64 on Tuesday. The currency touched a high and low of 65.7850 and 65.6525 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.61 and for Euro stood at 81.32 on April 17, 2018. While the RBI’s reference rate for the Yen stood at 61.35, the reference rate for the Great Britain Pound (GBP) stood at 94.20. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| April 17, 2018 | 65.6124 | 94.2063 |
| April 16, 2018 | 65.4476 | 93.2759 |
(RBI-Reference Rate)
