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Rupee steady
MUMBAI:
The rupee ended steady at 43.77/78 a dollar, clinging to overnight one and half month low on hopes of fresh dollar inflows from the Infosys' sponsored ADRs. In fairly choppy trading at the interbank foreign exchange market on Wednesday, the rupee opened on a positive note at 43.75/76 a dollar, hit an early peak of 43.70/71 then tumbled to a low of 43.81/82, before settling at Tuesday's close of 43.77/78 a dollar.
The dollar rallied strongly overnight in the wake of the ``No'' vote by France regarding the European Union constitution which dealt a heavy blow to the Euro-zone single currency. Heavy dollar supplies from trade inflows helped the rupee to arrest a further slide, as market sentiments turned for the better on hopes of rising dollar inflows from the proceeds of Infosys' sponsored American Depository Receipts (ADRs), a forex dealer said.
However, rising global oil prices continued to weigh on rupee value, he added.
PTI
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