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Rupee recovers 3 paise to 83.58 against dollar in early trade

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The Indian rupee strengthened against the US dollar due to inflow of foreign capital and positive sentiment in the domestic equity market. The rupee opened at 83.60 and gained further to 83.58 against the dollar. The previous day, the rupee had fallen to its lowest level in over two months. The decline was partly caused by block deals and a decline in the pound after the Bank of England decided not to cut interest rates. The dollar index was trading lower and crude oil prices eased.