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INDIA RUPEE Rupee likely flat at open on dollar strength, oil decline

MUMBAI, Oct 12 (Reuters) – The Indian rupee is tipped to open flat to the dollar on Wednesday on more losses on Asian currencies and a further pullback in oil prices.

The rupee is likely to open at 82.30-80.32, compared with the previous closing of 82.3125.

The local unit on Tuesday traded in a narrow range, bucking the broad decline in Asian peers, thanks to likely dollar sales by the Reserve Bank of India. The central bank was persistently offering dollars at 82.38-82.40 through state-run banks, according to traders.

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The “help from the RBI” and from the lower oil prices will mean that rupee “faces lesser risk” of posting a record low, a Mumbai based trader said. The rupee reached a record low of 82.6825 on Monday.

The RBI has been selling dollars in spot on Monday and Tuesday and at the same time conducting buy/sell swaps, according to traders.

This has prompted a decline in…

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