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Rupee declines sharply

MUMBAI SEPT. 5. The rupee declined sharply against the U. S. currency today on renewed heavy dollar demand from banks after supplies dried-up, cutting short a four-session rally that took it to an over seven month peak.

In mostly quiet and range-bound trade at the Interbank foreign exchange (forex) market, the rupee closed at 48.4800/4850, a three paise drop against 48.4500/4550 yesterday. It opened on a soft note at 48.45/46 a dollar.

The rupee had appreciated by nearly seven paise in the last four consecutive sessions, backed by healthy dollar supplies from exporters and non-resident Indian (NRI) remittances.

The rupee has been receiving good underlying support from exporter remittances and strong trade data. However, state-run banks mopped up nearly all of the excess supplies flowing into the market. The Reserve Bank of India fixed the reference rate for the dollar at Rs. 48.47.

PTI

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