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Rupee drops

The rupee opened on a steady note at Rs 38.73-76 per greenback and witnessed a downslide to Rs 38.80-83 during the opening trading session, due to extensive buying from the State Bank of India.

Later, a lot of selling and less corporate demand firmed the rupee marginally and it was seen hovering at Rs 38.77-79 level by midsession till the close, leading forex dealers said.

The cash to spot and the forward premiums came down by 3-4 paise as compared to previous levels. The overseas market also remained steady, dealers added.

The Reserve Bank of India fixed its reference rate at Rs 38.80 per dollar against its previous level of Rs 38.79 per US unit.

UNI