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Rupee recovers against dollar
MUMBAI:
The rupee on Thursday turned sharply higher against the U.S. currency due to heavy dollar sales by State-run banks after a steep fall in world crude oil prices. A suspected intervention by the central bank also boosted rupee sentiment, a forex dealer said.
In active trading at the interbank foreign exchange market, the Indian unit started on a steady note at 44.35/36 a dollar and later shot up to the day's high of 44.26 on heavy dollar sales. Later, it closed at 44.27/29, smartly higher than Wednesday's close of 44.3550/3650.
A steep fall in world crude oil prices forced State-run banks to sell dollar purchased at higher levels on behalf of oil PSUs, dealers said.
PTI
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