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Rupee reacts against dollar

MUMBAI: The rupee moved downwards to close at 40.8550/8650 against the U.S. currency on Thursday, following firm dollar overseas and short-coverings, despite strong equity markets.

In lacklustre activity at the interbank foreign exchange (forex) market, the Indian unit opened slightly lower at 40.82/84 a dollar from the previous close of 40.78/79. It later recovered to a high of 40.77.

However, the rupee later failed to maintain higher levels and touched a low of 40.88 a dollar on the back of dollar buying by oil refinery companies. Finally, it closed the day at 40.8550/8650, down by 7.50 paise over the previous close. — PTI

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