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January 17, 2013 4:57 PM EST

The rupee falls to 54.75/76 versus its previous close of 54.69/70 on the back of dollar demand from oil firms but early gains in the domestic share market help limit the rise.

Traders expect the pair to hold in a 54.65 to 54.95 range initially in the session. The Sensex was trading up 0.1 percent in opening trade but further moves will be watched for cues on foreign fund flows.

Reuters/Vivek Prakash/Files
Rupee notes of different denominations are seen in this picture illustration taken in Mumbai April 30, 2012.

Most Asian currencies trading stronger compared to the dollar also limiting further gains in the pair.

(Photo: Reuters/Vivek Prakash/Files / )
Rupee notes of different denominations are seen in this picture illustration taken in Mumbai April 30, 2012.
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Copyright 2012 Thomson Reuters. All rights reserved.

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