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The rupee on Friday weakened by 17 paise to close at 71.25 against the US dollar as concerns related to fiscal slippage weighed on the sentiment after the interim budget unveiled some big populist measures ahead of the general elections.
On a weekly-basis, the domestic currency registered a loss of 8 paise. The rupee had registered a marginal gain of 2 paise in the previous week. At the Interbank Foreign Exchange (forex) market, the rupee opened at 71.08, but during the day it came under selling pressure. The local unit moved in a range of 70.94 to 71.39 and finally finished at 71.25 per dollar, down by 17 paise against its previous close.
On Thursday, the rupee had settled 4 paise higher at 71.08 against the US dollar.
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