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Rupee rallies against $

MUMBAI NOV. 5. Overcoming early pressures, the rupee rallied smartly against the U.S. currency today, supported by strong foreign portfolio investments and trade inflows in moderately active trading at the interbank foreign exchange market.

The rupee closed at 45.28/29 a dollar, a sharp 4-1/2 paise gain from Tuesday's close of 45.3250/3350 and a good rally from early low of 45.3350/3450. It opened on a steady note at 45.32/33.

Steady flow of dollars from foreign funds and export proceeds helped the rupee recover from the early lows and also post fresh gains towards the close even as the dollar's relative weakness in overseas trading also aided the currency's rise, dealers said. The rupee sentiment remained positive for further gains tomorrow on the back of unabated foreign fund inflows, they added. — PTI

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