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The Indian rupee may inch towards a record low at the open on Wednesday, bogged down by the dollar index's rally to a six-week high and weakness in Asia, prompting bets on another round of central bank intervention.

The 1-month non-deliverable forward indicated the rupee will open in the 88.78-88.82 range versus the U.S. dollar, compared with Tuesday's close of 88.7725.

The rupee hit an all-time low of 88.80 last Tuesday. In the four sessions since then, the local unit has managed to avoid slipping to a new low, helped by active intervention by the Reserve Bank of India.

Bankers said the RBI has been selling dollars in the spot market while simultaneously conducting buy/sell swaps to offset the liquidity impact of its interven

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