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Rupee scales new peak

MUMBAI OCT. 9. Despite initial blips, the rupee rallied smartly and scaled a new over 38-month peak against the U.S. currency today, boosted by robust foreign fund inflows, export proceeds and expatriate remittances in erratic two-way trading at the interbank foreign exchange market.

Closing at 45.2550/2650 a dollar, the rupee gained 12-1/2 paise from Wednesday's close of 45.38/39 after encountering early pressure, following a dip to 45.40/41, dragged down by a spillover of overnight dollar short-covering. The rupee, however, opened on a positive note at 45.35/37, reflecting the greenback's weakness against major global currencies.

PTI

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