The rupee weakened to its lowest level against the dollar in two months on Thursday due to year-end dollar demand and slowing foreign institutional investments in the local stock market even though the Reserve Bank of India (RBI) sold dollars to limit the local currency's slump. Typically, demand for the dollar by companies rises as the fiscal year comes to a close to pay for imports.
The rupee ended at 51.2175 to the dollar, down 1.1% from 50.6575 on Wednesday.
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