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Rupee ends lower against dollar on Wednesday
Sep-04-2024

Indian rupee ended lower against the U.S. dollar on Wednesday amid a decline in the domestic equity markets as investors stayed away from riskier assets. Investors overlooked report that India's services sector experienced its fastest growth in five months this August, driven by resilient demand and easing inflationary pressures, according to HSBC India Services Purchasing Managers' Index (PMI), compiled by S&P Global. India's PMI climbed to 60.9 in August, up from July's 60.3, surpassing the preliminary estimate of 60.4. On the global front, Japanese yen and the Swiss franc firmed against the dollar on Wednesday as investors scurried to safer assets after a sharp selloff on Wall Street in the prior session sparked by concerns about the U.S. economy and tech sector valuations.

Finally, the rupee ended at 84.00 (Provisional), weaker by 2 paise from its previous close of 83.98 on Tuesday. The currency touched a high and low of 84.02 and 83.95 respectively.

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