Indian Rupee weakened against US dollar on Wednesday on account of strong demand for the American currency from importers amid rising global crude oil prices that crossed the $85 per barrel. Besides, concerns of fears of rising fiscal deficit and capital outflows too weighed on the domestic currency. Forex market remained closed Tuesday on account of Gandhi Jayanti. On the global front, the euro pulled ahead from a six-week low after a report that Italy plans to reduce its budget deficit in the coming years provided some relief to the battered currency.
The partially convertible currency is currently trading at 73.06, weaker by 15 paise from its previous close of 72.91 on Monday. The currency touched a high and low of 73.4175 and 72.9000 respectively. The reference rate for the dollar stood at 72.80 and for Euro stood at 84.37 on October 1, 2018. While the reference rate for the Yen stood at 63.89, the reference rate for the Great Britain Pound (GBP) stood at 94.88. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| October 01, 2018 | 72.8036 | 94.8825 |
| September 28, 2018 | 72.5474 | 94.9080 |
(Reference Rate)
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