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<h1>Rupee Gains 16 Paise, Strengthens to 85.39 Against Dollar on Currency Weakness and Rate Cut Hopes</h1> The Indian rupee appreciated 16 paise to close at 85.39 against the US dollar, influenced by a weak American currency and potential interest rate reduction expectations. Market dynamics were tempered by volatile equity markets, foreign fund outflows, and rising crude oil prices. The movement occurred ahead of the Reserve Bank's upcoming monetary policy meeting, with manufacturing sector growth showing a slight slowdown in May.