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The rupee was trading strong by 20 paise at 61.77 against the dollar at 4.05 pm local time on heavy dollar selling by exporters.
After opening up by 4 paise at 61.93 against the dollar at the Interbank Foreign Exchange market, the domestic unit hovered in the range of 61.76 and 61.99 in the evening trade.
Forex dealers said selling of the American currency by exporters and banks supported the rupee, but the dollar’s strength against other currencies overseas, limited the gains.
The rupee had surged 23 paise to end at nearly three-week high of 61.97 in yesterday’s trade on optimism over the upcoming Budget and sustained dollar selling by banks.
Meanwhile, the 30-share BSE index Sensex plunged 261.34 points or 0.9 per cent at 28,746.65 as the Railway Budget failed to lift the market sentiment.
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