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The rupee pared early morning gains to settle higher by 5 paise at 71.02 against the US dollar on Friday as a sudden spike in Brent crude prices following missiles attack on an Iranian oil tanker weighed on investor sentiment. At the interbank foreign exchange market, the rupee had opened at 70.82 against the US dollar. Later, the local unit lost ground and fell to a day’s low of 71.08. The domestic unit finally settled at 71.02, higher by 5 paise over the previous closing price. On Thursday, the rupee had settled at 71.07 against the American currency. On a weekly basis, the currency has lost 14 paise.
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