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The rupee is trading at 61.90/91 versus Monday's close of 61.9350/9450. The Indian unit had earlier fallen to 62.04.
Traders say a large software exporter is seen selling dollars in the market.
Further gains, however, are unlikely on the back of weak local shares. Nifty is trading down 0.7%.
The rupee is seen in a 61.80 to 62.00 range rest of the day.
Traders will watch fund flows for direction during the day.
Asian currencies are trading mixed vs the USD.
