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The rupee fell to its weakest level against the dollar in more than nine months, tracking a decline in domestic shares, although it rebounded on what traders cited as likely intervention by the Reserve Bank of India.
The rupee was trading at 62.2750/2800 to the dollar at 1:25 pm, moments after falling to 62.3350, a level last seen on Feb 20.
Domestic shares are down for a fourth session in five, with the Nifty dropping 0.6%.
