India’s services PMI falls to 17-month low in June amid weaker demand

Rupee rises 14 paise to close at 95.21 against US dollar
The rupee appreciated 14 paise to close at 95.21 (provisional) against the US dollar on Friday, July 3, as the dollar index retreated from its recent 15-month high levels and mirrored positive domestic equities.
Forex traders said despite a weaker dollar index and lower crude oil prices, the rupee is facing pressure from robust dollar demand from importers and corporate hedgers.
At the interbank foreign exchange market, the rupee opened at 95.20 against the American currency and traded in a range of 95.16-95.35 during the session.
The rupee finally closed at 95.21 (provisional), registering a rise of 14 paise from its previous close.
On Thursday, the rupee pared initial gains and settled for the day on a negative note, lower by 19 paise at 95.35 against the US dollar.
According to experts, the Reserve Bank of India (RBI) is actively purchasing dollars to rebuild its foreign exchange reserves, which have dropped to roughly USD 672.6 billion from a February peak of USD 728.49 billion.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 100.75, lower than its recent 15-month high of 101.6.
Meanwhile, Brent crude, the global oil benchmark, was trading higher by 0.22 per cent at USD 71.96 per barrel in futures trade.