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Cashier counts currency notes inside bank in Lucknow

Rupee near record low after GDP data
Rupee trading at 56.38/39, still near the record low of 56.52 hit before the Jan-March GDP data. Indian economy grew at 5.3 percent in the January-March quarter, well below expectations for 6.1 percent expansion. Data seen raising expectations for interest rate cuts. Traders on watch for RBI intervention, though not seen yet.

Euro plunges near a two-year low versus the dollar
The euro plunged below $1.24 for the first time in nearly two years Wednesday as traders fretted over Spain's economy.

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Dollar and precious metals at a glance
Key currency exchange rates Wednesday, compared with late Tuesday in New York:

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Weak euro and oil payments drag rupee past 56/$

Month-end dollar demand from oil marketing companies and growing risk aversion globally led the rupee past the psychological level of 56 against the dollar. However, frequent interventions in the

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Breakouts from the 4,789-5,125 range will decide direction

The market stayed range- bound through the last few sessions of the May settlement. The support above Nifty 4,900 held but there was also strong resistance above 5,025. Volumes stayed low and

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Rupee falls for second session, near record low