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Rupee closes lower against $

MUMBAI: The rupee moved down to close at 39.35/36 against the dollar on Tuesday against 39.31 a dollar on Monday on a marginal dip in equity markets and intervention by the Reserve Bank of India.

In lacklustre activity at the interbank foreign exchange market, the Indian unit resumed lower at 39.34/36 a dollar and trapped in a narrow range of 39.30 and 39.3950 a dollar. The RBI was believed to be intervening for the last few days to protect exporters’ competitiveness as higher rupee value hurts exporters. Oil corporates also bought dollars as the global crude oil prices spiralled upwards to new peak. — PTI

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