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Rupee slips

MUMBAI JUNE 25. Renewed month-end dollar demand weakened the rupee today, but it ended off early lows, baled out by fresh exporter dollar sales ahead of the US Federal Reserve rate cut decision, in moderately active two-way trade at the interbank foreign exchange market. The domestic unit closed at Rs. 46.59/60 a dollar, a 1-1/2 paise decline from Tuesday's finish of Rs. 46.5750/5850, but a smart rally from early intraday lows of Rs. 46.64/65. It opened soft at Rs. 46.58/59 a dollar.

Customary month-end dollar demand from corporates and importers weighed on the rupee and pushed it down to 46.64/65 in late morning deals. But, renewed exporter dollar sales and unwinding of long dollar positions by banks ahead of the Federal Reserve's meeting later today, helped the rupee bounce back and reduce losses at the close, dealers said. — PTI

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