Indian rupee depreciated against the US dollar on Wednesday amid foreign fund outflows. Foreign institutional investors (FIIs) continued their selling on third session on June 3 as they sold equities worth Rs 2,853.83 crore. Traders ignored positive HSBC Services PMI data. The seasonally adjusted HSBC India Services PMI Business Activity Index grew to 58.8 in May from 58.7 in April. However, the HSBC India Composite PMI Output Index -- which measures both manufacturing and services -- eased to 59.3 in May as against 59.7 in April. On the global front, British pound strengthened against other major currencies in the European session on Wednesday, following the release of PMI data that signaled a stronger than estimated growth in private sector in May.
Finally, the rupee ended at 85.87 (Provisional), depreciated by 25 paise from its previous close of 85.62 on Tuesday. The currency touched a high and low of 86.05 and 85.69 respectively.
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