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Forex Market: Indian rupee slipped down

In the forex market, the Indian rupee slipped down 6 paise to finish at 69.23 per US dollar Friday. The reason for this downfall of rupee was the increasing demand for the dollar from importers.

At the Interbank Foreign Exchange (forex) market, the rupee opened at 69.11. It moved in a range of 69.33 to 69.05 before finally ending at 69.23, down 6 paise over its previous close. The rupee had plunged 76 paise Thursday to close at 69.17.

During the week, the rupee lost 9 paise. This is the second consecutive week of loss for the local currency.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.1965 and for rupee/euro at 77.7317. The reference rate for rupee/British pound was fixed at 90.6354 and for rupee/100 Japanese yen at 61.96.

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