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An employee counts currency notes at a cash counter inside a bank in Agarta...
The Indian rupee was marginally stronger in afternoon trades on Wednesday supported by firmer Asian peers and broad dollar losses overseas, but the upside is seen limited on concern of cash dollar shortage and strong defence-related payments.
* At 3:00 p.m., the partially convertible rupee was at 45.0700/0725, firmer than 45.155/165 at close on Monday, when it had touched a two-month low of 45.18.
* The market was closed on Tuesday for a local holiday.
* Most Asian currencies were stronger against the dollar.
* The index of the dollar against six major currencies was down 0.13 percent at 75.303 points, and lower than 75.652 points when the local market closed on Monday.
* The euro struggled to hold gains against the dollar on Wednesday after its failure to break above a key technical level prompted profit taking, keeping the single currency in a near-term range.
* Traders expect the rupee to move in the 44.95-45.15 band, with dollar buying expected to emerge around 44.90.
(Reporting by Shamik Paul; Editing by Rajesh Pandathil)
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