Indian rupee has weakened against the US dollar on Wednesday as brent crude oil prices surged past the $94 a barrel mark amid escalating tensions in West Asia and threats by the Houthi rebels to the shipping in the region. Investors took a cautious approach after US President Donald Trump announced that beginning August 1, the US will continue to have a 0% tariff or import duty on all generic medicines brought into the country for two years, after which it will be raised to 100% for one year, and 200% thereafter. The think tank GTRI has warned that US tariffs on generic medicines could significantly impact India's largest pharma export market. On the global front, the euro has strengthened against the US dollar on Wednesday ahead of European Central Bank policy meeting on Thursday.
Finally, the rupee ended at 96.52 (Provisional), weakened by 27 paise from its previous close of 96.25 on Tuesday. The currency touched a high and low of 96.60 and 96.25 respectively.
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