Indian rupee weakened against US dollar on Wednesday ahead of the minutes of US Federal Reserve’s last policy meet scheduled to be released later in the day. Furthermore, weakness in the domestic stock markets and demand for the US currency from importers, also weighed on the rupee. On the global front, the dollar edged higher versus a basket of currencies on Wednesday, with investors waiting the minutes of the Federal Reserve’s last policy meeting for hints on the pace of further US monetary tightening.
The partially convertible currency is currently trading at 68.22, weaker by 18 paise from its previous close of 68.04 on Tuesday. The currency touched a high and low of 68.2900 and 68.1550 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.01 and for Euro stood at 80.07 on May 22, 2018. While the RBI’s reference rate for the Yen stood at 61.25, the reference rate for the Great Britain Pound (GBP) stood at 91.24. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 22, 2018 | 68.0187 | 91.2471 |
| May 21, 2018 | 68.0883 | 91.4085 |
(RBI-Reference Rate)
