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Rupee turns weak against dollar after rise in crude prices

MUMBAI: The rupee turned sharply weak against the U.S. currency on Wednesday and ended at 44.7050 a dollar against 44.53 on Tuesday due to dollar demand by banks after rise in crude oil prices. In a active trading at the interbank foreign exchange market, the Indian unit resumed at more than an 8-month high of 44.4950/5050 a dollar. It touched a low of 44.76 a dollar.

Banks started buying dollar at lower level for oil PSUs after crude oil prices rose sharply ahead of the weekly U.S. inventory report and an OPEC meeting. — PTI

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