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Rupee hovers around 3-1/2 month peak

MUMBAI JULY 12. The rupee hovered around 3-1/2 month peak against the U.S. currency today on the back of strong dollar supplies from exporters and foreign fund inflows, but ended off intraday high due to steady dollar demand from public sector banks.

In moderately active two-way trading at the interbank foreign exchange market, the rupee closed at 48.7700/7750 a dollar, a 1-1/2 paise rise.

The dollar's slide against other major currencies in overseas trading due to corporate accounting irregularities, also aided the rupee's firm trend, dealers said.

The Reserve Bank of India fixed the reference rate for the dollar at Rs. 48.77 and for the Euro at Rs. 48.10. — PTI

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