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Rupee steady

MUMBAI: The rupee closed barely steady on Tuesday at 40.52/53 on alternate bouts of buying and selling against the U.S. currency following suspected intervention by the central bank, despite sustained capital inflows. The Indian unit opened marginally higher at 40.51/53 against 40.5250/5350 a dollar on Monday. Finally, it ended at 40.52/53.

According to forex dealers, there was intervention from the Reserve Bank of India to check the rupee's recent sharp surge to prevent the exporters's competitiveness. After several days of sharp upsurge in the rupee, it is now showing signs of consolidation at higher levels on the back of dollar selling by the apex bank. — PTI

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