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Rupee recovers 16 paise

MUMBAI: Despite strong dollar overseas, the rupee on Wednesday closed sharply higher at 45.64/65 a dollar against 45.80/81 on Tuesday following heavy dollar sales by corporates and foreign funds at the fag end of the session.

The rupee opened weak at 45.82/84 and remained under pressure due to firmer dollar overseas.

Meanwhile, the Reserve Bank of India fixed the reference rate for the U.S. currency at Rs. 45.76.— PTI

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