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The rupee ended at 62.86, off its day's lows against the American currency on Tuesday.
The local unit had breached the psychological mark of 63/dollar mark to hit a three-and-a-half month low of 63.15 today.
It moved in a range of 63.15 and 62.75 during the day.
However, the rupee recovered most of its losses as public sector banks sold dollars likely on behalf of the RBI.
On Monday, the rupee had closed at 62.91 to a dollar.
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