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The rupee on Tuesday retreated from two-week high levels against the US currency and ended six paise lower at 64.59 on fresh bouts of dollar demand amid Fed rate hike rhetoric. Forex market sentiment was hit by hawkish remarks from a Fed official who advocated a rate hike this year.
Despite a strong start, the home currency succumbed to intense dollar pressure in late afternoon deals amid firming greenback overseas trend.
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