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The rupee eased on Friday to a near-six-week low as traders grappled with dollar demand from oil importers amid sustained intervention from the central bank, which is keen to keep exports cheaper. The local unit ended at 43.8300/8500 per dollar, down from Thursday's close of 43.7950/8100 and its lowest since January 10 when it finished at 43.9400/9600. "The state-run banks were constantly buying dollars," said a dealer at a private sector bank. "The central bank intervention along with the dollar buying by some large oil importers saw the rupee lose ground."

The rupee, which analysts say is overvalued by more than 3 percent on a trade-weighted basis, has lost more than 1 percent since striking a five-year high of 43.30 a dollar on February 3, when Standard & Poor's raised India's foreign currency rating.

Copyright Reuters, 2005


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