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Extending its losses for the fourth day, the rupee on Wednesday tumbled 31 paise to close at a fresh nine-month low of 68.56 against the dollar due to persistent capital outflows amid a resurgent US currency in global markets.
The forex market sentiment turned highly fragile due to consistent unwinding by foreign investors against the backdrop of demonetisation as well as renewed Fed rate hike fears.
At the Interbank Foreign Exchange (forex) market, the rupee opened substantially weak at 68.36 from Tuesday’s close of 68.25 and kept descending throughout the day with high volatility. It hit an intra-day low of 68.58 in late afternoon before ending at 68.56.
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