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Rupee heads lower; share moves watched

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Reuters
Last Updated : Mar 20 2013 | 10:00 AM IST

Reuters Market Eye - Rupee trades weaker at 54.49/50 compared with its close of 54.37/38 on Tuesday. Risk-off mood continues in global markets.

Asian shares extend losses and investors give the euro a wide berth after a bailout deal for Cyprus is thrown into disarray.

The RBI's guidance on the scope for future rate cuts being limited and the ongoing political uncertainty after a key ally withdraws support from the ruling coalition are expected to keep the downside for the pair under check.

The pair is seen moving in a 54.10 to 54.60 range during the session. Traders expect some selling to come in around 54.55-60 levels, preventing a much sharper rise.

(Reporting by Swati Bhat)

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First Published: Mar 20 2013 | 9:46 AM IST

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