The Indian rupee snapped a five-session winning trend to end slightly weaker against the dollar. It closed at 45.4350/4400 per dollar, down from Tuesday's 45.4050/4150, which was the highest close since November 13, 2003.
"State-run banks bought (dollars) from 45.40 onwards, which kept the rupee slightly weak. Otherwise, there were good inflows," said a trader at a private bank.
State-run banks usually act on behalf of the central bank, which is keen to maintain the export competitiveness of Indian goods and services and prevent wild swings in the currency.
Federal bonds ended steady as investors awaited more clues about the general direction of official interest rates before taking fresh positions.
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