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Rupee stages recovery

MUMBAI: The rupee on Tuesday recovered marginally by two paise to close at 39.95/96 against the dollar amid a firm capital market and expectations of increased dollar inflows. There was some dollar selling to meet the rupee requirements after the hike in cash reserve ratio by the apex bank by 50 basis points in two tranches to a seven-year high of 8 per cent, effective from April 26 and May 10.

At the interbank foreign exchange market, the rupee opened slightly better at 39.95/96 against Monday’s close of 39.97/98. The rupee ended the day at the opening level of 39.95/96 after moving in a range of 39.93 and 40 a dollar. — PTI

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