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The rupee advanced by another 16 paise to Rs 45.32 against the American currency in the early trade on persistent selling of dollar by banks and exporters in view of weak dollar overseas.
The domestic unit resumed higher at Rs 45.37/38 per dollar at the Interbank Foreign Exchange (Forex) market against the previous close of Rs 45.48/49 per dollar. It firmed up further to Rs 45.32 per dollar.
At 10.30 a.m., the rupee was quoting at Rs 45.38/39 per dollar. It hovered in a range of Rs 45.32-45.45 in the morning deals.
Banks and exporters preferred to reduce their dollar position on the back of weakness of dollar in the global market, a forex dealer said.
The dollar gave up gains against the euro in the New York market on Monday, after recovering from the earlier gains.
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