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Rupee dips to 9-week low, ends 41p up at 63.30/$ on Rajan bytes

Sustained capital inflows also helped the rupee rise while better dollar overseas and weakness in local equities kept the rupee under pressure at initial stages.

At the Interbank Foreign Exchange (Forex) market, the local unit commenced lower at 63.90 and immediately touched a low of 63.91 on early hesistancy in domestic stocks amid continued dollar demand from importers.

However, it bounced back on fresh dollar selling by exporters and some banks to a high of 63.28 before settling at 63.30, showing a rise of 41 paise or 0.64 per cent. In last five days, it had slumped by 209 paise or 3.39 per cent.

Pramit Brahmbhatt, CEO, Alpari Financial Services, (India) said,’ After falling for five consecutive days, the  rupee on Wednesday appreciated over half per cent as Reserve Bank of India is likely to have intervened via state-run banks, as rupee was falling further, after it opened at a nine-week low of 63.90 against dollar, it has already shed around 3.3 percent over the last five sessions.’
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