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Sharp drop in rupee

MUMBAI: The rupee turned sharply weak against the dollar on Tuesday due to heavy dollar demand from oil corporates and importers, and settled at 44.71/72 a dollar.

At the inter-bank foreign exchange market, the Indian unit started firm at 44.56/57 on sustained inflow. However, the rupee turned sharply weak towards the end and closed at 44.71/72 against 44.5950/6050.

World oil prices rose above $67 a barrel as the light sweet crude for May delivery settled 11 cents higher at $66.74 a barrel on the New York Mercantile Exchange on Monday. — PTI

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