Indian rupee weakened against US dollar on Wednesday due to rising demand of the American currencies from importers and sustained foreign fund outflows. Besides, concerns around the rift between the government and the RBI also weighed on rupee. On the global front, the dollar hovered near 16-month highs versus a basket of its major rivals after gaining overnight as traders bet on the relative outperformance of the US economy and continued interest rate increases by the Federal Reserve.
The partially convertible currency is currently trading at 74.03, weaker by 35 paise from its previous close of 73.68 on Tuesday. The currency touched a high and low of 74.1425 and 73.8400 respectively. The reference rate for the dollar stood at 73.57 and for Euro stood at 83.71 on October 30, 2018. While the reference rate for the Yen stood at 65.28, the reference rate for the Great Britain Pound (GBP) stood at 94.18. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| October 30, 2018 | 73.5709 | 94.1840 |
| October 29, 2018 | 73.4181 | 94.2644 |
(Reference Rate)
