The rupee washed out its early gains and closed 37 paise down to settle at 55.48 on fresh dollar demand from importers and banks. At the inter-bank foreign exchange market, the rupee opened higher at 55 a dollar from the previous close of 55.11. Soon after, it touched the day’s high of 54.97. However, rising demand for dollar pushed the rupee sharply to a low of 55.55 before concluding the day at 55.48.

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