MUMBAI (Reuters) - The rupee weakened to its lowest level in more than a month-and-half on Friday as stop-losses were triggered in the dollar/rupee following a breach of the key technical level of 54.73 in afternoon trade.
The pair hit a high of 54.73 in opening deals but quickly retreated. The 54.73 level was the 50 percent Fibonacci retracement of the decline from the high of 55.89 on November 26 to the low of 52.87 on February 6.
At 4:15 p.m., the partially convertible rupee was at 54.91/92 per dollar, after hitting 54.9350, its weakest since January 9 and weaker than its close of 54.36/37 on Thursday.
(Reporting by Swati Bhat; Editing by Sunil Nair)
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