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Rupee loses eight paise

MUMBAI: The rupee on Friday turned sharply weak against the U.S. currency and closed eight paise lower at 44.72/73 a dollar due to reduced foreign fund inflows and fresh dollar demand after firm oil prices.

In hectic activity at the interbank foreign exchange market, the Indian unit resumed lower at 44.70/72 from Thursday's close of 44.64/65. After falling further to the day's low of 44.74, the rupee closed at 44.72/73, sharply lower than the previous close.

Another factor for the fall in rupee value was the slowing down of activity by FIIs on the stock market. — PTI

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