Indian rupee weakened on Wednesday, marking the third straight session of losses, weighed down by firm crude oil prices and a negative trend in domestic equities. Foreign fund outflows and strengthening of the American currency in the overseas market dented investor sentiments. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 810.60 crore, according to exchange data. Traders overlooked Services Export Promotion Council’s (SEPC) statement that the healthy growth trend will continue and services exports are expected to reach up to $400 billion this fiscal, buoyed by a significant jump in exports during 2022-23. On the global front, dollar pulled further above last week's one-year lows, as investor focus honed in on what the Federal Reserve may have to do to tame inflation, rather than on the recent problems in the U.S. banking sector.
Finally, the rupee ended at 82.22 (Provisional), weaker by 17 paise from its previous close of 82.05 on Tuesday. The currency touched a high and low of 82.25 and 82.07 respectively.
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