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Rupee scales new peak

MUMBAI DEC. 16. The rupee ended at yet another record peak against the U.S. currency for the current calendar year today on the back of unabated robust flow of dollars from exporters and inward remittances even as a lingering weak dollar against other units also helped its gains.

In fairly volatile trading at the interbank foreign exchange market, the rupee closed at the year's new high of 48.1400/1450 a dollar, sharply higher from last Friday's finish of 48.1725/1775. It opened at 48.17/18.

The previous record-high closing quote of 48.1500/1550 was logged on December 11 and the rupee had hovered around these levels on December 26 last year. The rupee has thus appreciated by nearly 1.92 per cent, since hitting all time low of 49.08/10 in mid-May, but was still undervalued by about 2 per cent on a trade-weighted basis. — PTI

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