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Economy Jul 12, 2013

Rupee weakens past 60/dollar yet again



The rupee extended its fall to below 60 per dollar levels in afternoon trade on Friday, weighed down by heavy demand for dollars from importers, particularly oil companies, according to dealers.

The partially convertible rupee was trading at 60.02/03 per dollar at 12:42 p.m., compared with its previous close of 59.6750/6850.

Traders expect support for the rupee at around 60.20 levels, adding if the level is broken the currency could fall to 60.50. The rupee had hit a record low of 61.21 on Monday.


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