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It had tumbled by 31 paise to close at Rs 44.38/39 per dollar in the previous session on Monday, following fresh dollar demand from importers amid sluggish equities.
The forex market remained closed yesterday on account of "Ramnavmi".
Forex dealers said that lower opening in the stock market and weakness in other Asian currencies against the American unit mainly put pressure on the rupee sentiment.
Meanwhile, the Bombay Stock Exchange benchmark Sensex this morning declined by 160.91 points, or 0.83 per cent to 19,101.63 level.