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The rupee on Wednesday stormed to a new 17-month high and closed above 65, a level not seen since October 2015, on heavy dollar selling by speculative traders and exporters.
The domestic currency ended the day at 64.91, up 13 paise. Abundant capital inflows from foreign investors into equity and debt markets predominantly catapulted the blistering rally on the back of adequate dollar supplies. However, suspected RBI intervention through State-run banks at various levels curbed strong currency appreciation.
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