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Rupee rallies against $
MUMBAI:
The rupee on Thursday rallied smartly on fresh exporter dollar sales, leading to unwinding of long dollar positions by banks after the U.S. currency adjusted downwards from the near eight-month high against the euro in overseas dealings.
In fairly active trading at the interbank foreign exchange market, the rupee closed at 43.69/70 a dollar, a steep eight paise recovery from Wednesday's finish of 43.77/78 after touching a high of 43.68/69. It opened on a positive note at 43.76/78.
Steady trade inflows started the rupee rally in the morning, which got a further boost after the dollar fell from the near eight-month high in overseas business, forcing banks to offload long overbought dollar positions in afternoon trade, dealers said.
The rupee declined by 26 paise early this week and tumbled to 1-1/2-month low of 43.77/78, pulled down by customary month-end pressures amid a robust dollar.
PTI
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