The rupee ended below 49-mark at 48.93/94 against the dollar on Friday against 49.20 on Thursday, its three-week high level on sustained dollar selling by exporters and some banks.

At the inter-bank foreign exchange market, the rupee opened strong at 49.04/05 on early rise in domestic stock market but later fell to a low of 49.16 on reversal of trend in equities which showed weakness. The rupee later bounced back to settle at 48.93/94, a gain of 26 paise or 0.53 per cent. The RBI has fixed the reference rate for the dollar at 49.0650 and for Euro at 65.5701.

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