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The rupee fell sharply by 53 paise to 72.73 against the dollar on Monday due to strengthening of greenback against other currencies overseas.
According to forex dealers, dollar’s strength against other currencies overseas, on reports that China had cancelled the upcoming trade talks with the US, weighed on the rupee. They said losses in domestic equities also put pressure on the rupee.
The domestic unit opened weak by 27 paise at 72.47 at the interbank forex market today. It hovered in a range of 72.73 and 72.34 before ending at 72.63, down 43 paise at 5 pm local time.
The rupee had ended 17 paise higher at 72.20 against the dollar on Friday on sustained selling of the American currency even as the equity market witnessed a high volatility.
Meanwhile, the Sensex tanked nearly 537 points to end at over two-month low of 36,305.02 and the Nifty crashed below the 11,000-mark, extending their slide for the fifth straight session on heavy selling in banking and auto stocks.
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