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Traders say the rupee is vulnerable to fall to a record low of 56.52 to the dollar hit on May 31 should the global risk environment deteriorate, setting up the prospect the Reserve Bank of India could intervene in spot markets.
At 9:30 a.m., the partially convertible rupee was at 55.9650/97 per dollar, weaker than its previous close of 55.9050/9150.