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Rupee declines

MUMBAI: Strained supplies and retreating dollar overseas notwithstanding, the rupee fell to one-week closing low of 46.70/71 a dollar on Wednesday against 46.60 on Tuesday.

Resuming firm at Rs 46.50/54 a dollar, the rupee later came under heavy pressure as public sector banks purchased dollar on behalf of corporates and oil companies, which were anticipating higher import payment in the light of high crude oil price in international markets.

Global crude oil prices surged past $75 a barrel level in Asian trade on escalation of the conflict in Middle-East and supply concerns. — PTI

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