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Sharp fall in rupee

MUMBAI: The rupee fell 26 paisa to 39.5550/5650 against the dollar, its lowest in almost a month, largely due to a meltdown in equity markets.

Asian markets, mainly China, Hong Kong, Singapore and Japan ended with a huge loss in a range of 4.0 to 6.0 per cent while India’s benchmark Sensex ended 7.41 per cent lower. In wide movements at interbank foreign exchange market, the rupee resumed weak at 39.34/36 a dollar and later dropped further to 39.59 level. The Indian unit ended at 39.5550/5650 from Friday’s close of 39.2950/3050.

The rupee sentiment was adversely affected by weakness in Asian markets, forex dealers said. — PTI

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