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Reuters Market eye - The rupee rises to 54.59/60 versus its previous close of 54.69/70 as exporters sell the greenback after the pair rises for two straight sessions.
Most Asian currencies also trading stronger compared with the dollar.
The Sensex is trading up 0.4 percent, hurting sentiment for the dollar.
Traders, however, expect dollar demand from oil companies to continue later in the session and limit any sharp downside in the pair.
Reporting by Swati Bhat