“Corporate flows helped the rupee to gain against the dollar,” said Anil Bhansali, head of treasury at Finrex Treasury Advisors. “With overseas investors turning net buyers of local securities the sentiment is also weighing on the rupee. We could see fresh buying interest from oil companies at 79.05 level.”
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The last three quarters saw weak earnings, with single-digit growth in revenue and PAT. Q4 may also face challenges due to a high base from