Rupee hit by devaluation talk despite ministry denial
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Mumbai
INDIA'S finance ministry swatted down a media report on Thursday of a possible devaluation of the rupee, dismissing lobbying by struggling exporters seeking a competitive boost from a cheaper currency.
The rupee weakened 0.28 per cent to 67.0750 to the dollar after a television channel CNBC-TV18 reported that the commerce ministry would propose a devaluation, before steadying after the central bank stepped in to prevent a sharp fall.
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