The rupee shed precious aanas to close at a 5 ½ month low of 55.40 against the dollar hurt by demand from oil importers. The sustained gain of the American currency against the world’s major currencies also hurt the Indian unit. The Indian unit, which had closed at 55.11 on Monday, opened stronger at 54.89 on modest gains in domestic equity markets. The dollar index had gained 0.45 per cent to 84.11 against a basket of world’s major currencies at 5.15 p.m. India time. The currency has been impacted by a yawning gap in current account and the perpetual need to finance the gap with dollar inflows. Intraday, the rupee moved between a high and low of 54.95 and 55.41, respectively.

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