Indian rupee weakened against the US dollar on Wednesday, hurt by fresh demand for the American currency from importers. Besides, dollar's strength against some currencies overseas too weighed on the domestic unit. On the global front, the dollar inched higher after dipping to a four-week low overnight, but relief over a US-Mexico trade deal was dimmed by concerns that the China-US trade war will drag on for some time.
The partially convertible currency is currently trading at 70.49, weaker by 39 paise from its previous close of 70.10 on Tuesday. The currency touched a high and low of 70.5200 and 70.2400 respectively. The reference rate for the dollar stood at 70.16 and for Euro stood at 81.92 on August 28, 2018. While the RBI’s reference rate for the Yen stood at 63.08, the reference rate for the Great Britain Pound (GBP) stood at 90.32. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
