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The rupee opens lower at 54.20/21 versus its previous close of 54.1750/1850 on the back of month-end dollar demand from importers.
Traders expect the pair to broadly hold in a 54.00 to 54.40 range until the budget on Thursday.
Gains in the domestic share market are expected to push the pair lower while dollar demand from importers will place it higher and hold in a range, traders say.
Local shares trading down 0.13 percent.
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