The rupee weakened by 31 paise at 61.16 against the dollar, as demand for the dollar rose, following escalating of tensions between Ukraine and Russia.

This week the rupee had shown some signs of recovery after dropping to a 3-month low last week. Dealers say that global worries could weigh on the rupee, especially an interest rate hike in the US. The rupee had recovered sharply from the low seen in August last year of 68.86 against the dollar. In fact, the currency is now the best performing currency in Asia. Check currency rates here

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