Indian rupee closed trading Tuesday in deep red as it plunged to more than three-month low weighed down by losses in the domestic share market. The partially convertible rupee ended trading at 49.67 per dollar, down by 1.7 percent or by 85 paise from Monday’s close of 48.84/85 per dollar. Dollar demand from banks looking to arbitrage between the onshore and offshore markets also hurt the local unit.

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