Falling for the first time in three days, rupee on Wednesday weakened by 17 paise to close at over three-week low of 54.43 on capital outflows and dollar demand from exporters, amid concerns over current account deficit.

At the Interbank Foreign Exchange (Forex) market, the domestic unit resumed lower at 54.42 a dollar from overnight close of 54.26 and moved in a narrow range of 54.34 and 54.46. It finally settled at 54.46, displaying a fall of 17 paise or 0.31 per cent. Rupee had closed at 54.56 on March 7.

The rupee movement closely tracked the Indian stock market benchmark S&P BSE Sensex which snapped its four-session upsurge as it closed down by 239.31 points.

FIIs pulled out nearly Rs 370 crore from Indian stocks as per provisional data with stock exchanges.

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