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The rupee fell back sharply after a strong overnight rally and ended with a loss of 17 paise at 66.88 against the US dollar, the lowest level in more than two years in the face of strong demand for the greenback. Fresh dollar demand from importers driven by heavy capital outflows and a steep fall in local equities largely weighed on the rupee. The currency opened lower at 66.80 a dollar compared to Thursday’s close of 66.71. Later, it recovered some lost ground and moved erratically in a range of 66.74 and 66.90 in afternoon trades before ending at 66.88.
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