 "Rupee snaps 3-day winning spree vs dollar, drops 37 paise")
**Mumbai:**The Indian rupee snapped its 3-day gaining spree by losing 37 paise to end at 49.47/48 against the American currency on fresh dollar demand from banks and importers in view of strong dollar in overseas markets.
The domestic currency moved in a range of 49.13-49.52 per dollar during the day. It finally settled the day at 49.47/48 per dollar, down 37 paise from its previous close.
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Forex dealers said fresh dollar demand from banks and importers on the back of a firm dollar in the overseas market mainly affected the rupee value against the dollar.
They further said considering the Eurozone crisis and the volatility in global financial markets the rupee could touch 50 level in the medium term.
The dollar index was down by nearly 0.7 percent against a basket of currencies while New York crude oil was trading above $96 a barrel in the European market today.
The rupee premium for the forward dollar closed lower on fresh receivings by exporters.
PTI