Indian rupee weakened against the US dollar on Wednesday weighed down by a weak tone in local equity markets and disappointing domestic macroeconomic data. Traders were worried after India’s services sector activity eased to a three-month low in June but remained above the neutral level of 50.0, amid stronger increase in new business volumes. As per the survey report, the seasonally adjusted S&P Global India Services PMI Business Activity Index fell at 58.5 in June from 61.2 in May. Further, the S&P Global India Composite PMI Output Index -- which measures both manufacturing and services -- eased to 59.4 in June as against 61.6 in May. On the global front, the U.S. dollar was treading water against other major currencies on Wednesday as traders waited for the release of minutes from the Federal Reserve's last meeting that could offer clues to the outlook for interest rates.
Finally, the rupee ended at 82.23 (Provisional), weaker by 22 paise from its previous close of 82.01 on Tuesday. The currency touched a high and low of 82.25 and 82.05 respectively.
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