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Rupee continues to drift
MUMBAI,
JULY 23.
The rupee continued to fall sharply against the U.S. dollar for the fifth consecutive day on the interbank foreign exchange here today and closed at this year's lowest level of 46.3250/3350 a dollar due to heavy dollar demand.
The rupee started weak at 46.25/30 but recovered smartly on heavy dollar sales by state-run banks as well as by exporters and touched a high of 46.18/20 during early trading.
However, the firm note was shortlived as fresh dollar demand from corporates, particularly the oil companies, pulled the Indian currency to a low of 46.3400 and closed at this year's lowest level of 46.3250/3350 against yesterday's close of 46.25/27.
PTI
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