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Rupee rallies against $

MUMBAI JAN. 16. Rallying smartly from sharp overnight and early declines, the rupee ended with fresh gains against the U.S. currency today, supported by strong dollar supplies from exporters and inward remittances, despite sporadic dollar buying from State-run banks.

In fairly volatile trading at the interbank foreign exchange market, the rupee closed at 47.9300/9350 a dollar, a paisa gain from Wednesday's finish of 47.9400/9450 and a smart turnaround from early intraday low of 47.98/99.

It opened weak at 47.9550/9650. The rupee depreciated by 2-1/2 paise yesterday.

After the spillover of overnight dollar short-covering pushed the rupee down to 47.98/99, the rupee steadily rallied on the back of sustained dollar inflows from exporters and non-resident Indian (NRI) remittances, dealers said.

PTI

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