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Reliance Securities Report
The Indian rupee depreciated against the U.S. dollar on constant dollar-buying by state-run lenders, rumoured to be on behalf of the central bank, to offset the impact of foreign inflows.
The rupee ended at 74.38 to the U.S. dollar compared with 74.18 in the previous session.
So far the Indian equities and debt markets have already seen close $3 billion inflows this month and we believe that the Reserve Bank of India could be present to mop the flows.
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