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Rupee declines

Mumbai, July 15

The rupee depreciated by 30 paise against the dollar on Tueday due to Fitch Ratings downgrade of the local currency and the huge losses in the stock market. The domestic unit opened at 42.98 and touched an intra day low of 43.28/29. It closed at 43.22/23, against the previous close of 42.92/93. Fitch downgraded the local currency outlook to negative from stable, which dragged the rupee down, said a dealer with a private bank. Rising oil prices along with losses in the stock market also aided to the rupee's losses, added the dealer.In the forward market, the 6-month premium closed higher at 5.17 per cent (5.03) and the 12-month ended at 4.48 per cent (4.40). - Our Bureau

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