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The rupee had depreciated by 2 paise to close at Rs 44.74/75 against the US currency in yesterday`s trade due to dollar demand from banks and importers in view of a firm trend overseas.
Forex dealers said dollar weakness against the euro and other Asian currencies overseas and a higher opening in the stock market helped the rupee gain some ground against the American dollar.
Meanwhile, the Bombay Stock Exchange Sensex was up by 62.23 points, or 0.33 per cent, at 18,575.00 in opening trade today.