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Rupee's gains shortlived; drops 33 paise again

Rupee's gains shortlived; drops 33 paise again
After a day's relief, the rupee today fell by 33 paise to 58.12 against the dollar in early trade due to increased demand for the US currency from banks and importers amid a weak opening in local equities.

Dealers said besides increased demand for dollar from importers, a weak opening in the domestic equity market, mainly put pressure on the local unit. The rupee had gained a whopping 60 paise to close at 57.79 against the dollar yesterday as rating agency Fitch revised India's credit outlook to stable and government officials soothed market sentiment with assurance of taking steps to curb the currency's fall.

Meanwhile, the BSE benchmark Sensex dipped below the 19,000 level by falling 225.56 points, or 1.18 per cent, to 18,815.57 in early trade today.

with inputs from PTI

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