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Rupee higher; dealers cut long dollar bets

Source : REUTERS
Last Updated: Fri, Feb 15, 2013 05:26 hrs
An employee counts Indian rupee notes at a cash counter inside a bank in Agartala

The rupee is marginally higher after opening flat on position adjustment, say dealers. Pair at 53.86/87 versus 53.92/93 Thursday's close.

"The market went long yesterday after watching euro. But with USD/INR opening flat, so that has led to some selling," says a foreign bank dealer.

Asian currencies mixed; won advances, while ringgit, Singapore dollar dip.

Euro nursed heavy losses on Friday in the wake of data showing the euro zone slipped deeper into recession late last year, while markets braced for more conflicting comments on currencies as G20 officials meet in Moscow.

The rupee saw short positions build up for the first time this year after preliminary data last week showed the economy likely grew at a meagre 5 percent pace this fiscal year.





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