The Indian rupee jumped to an 8-week high of 49.20 against the US dollar, before reversing direction by about 11:30 pm ET Sunday. The Indian currency dropped to 49.9550 against the buck by about 11:40 pm ET, compared to 49.81 hit late Thursday in New York. If the Rupee slides further, 50.2 is seen as the next likely support level.

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