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Sustained selling of the American currency by exporters and banks and increased capital inflows are the main factors behind the appreciation.
The strengthening of the euro and other currencies against the dollar overseas after the European Union’s eurozone confidence index jumped for the third straight month as debt concerns slowly ebbed, also supported the rupee, forex dealers said.
The BSE benchmark Sensex fell by 22.72 points, or 0.11 per cent, to 19,982.28 in early trade today.
The rupee had shot up by 47 paise to close at a near three-month high of 53.30 yesterday against the dollar.