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Rupee drops 37 paise

MUMBAI: The rupee ended at a two-week low of 40.86/87 against the US currency on Wednesday, lower by 37 paise from Tuesday's close of 40.49/50, on hectic dollar covering by exporters and month-end dollar demand by oil corporates. The Reserve Bank of India also was believed to have intervened aggressively to contain the rupee's surge.

The local currency has risen by 8.5 per cent since the beginning of the calendar year 2007.— PTI

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