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From under- + rate.

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underrate (third-person singular simple present underrates, present participle underrating, simple past and past participle underrated)

1. (transitive) To underestimate; to make too low a rate or estimate.

   Synonyms: underapproximate, understate; see also Thesaurus:underestimate

   Antonyms: overrate; see also Thesaurus:overestimate

underrate (plural underrates)

1. A price that is less than the value.

   to sell a thing at an underrate

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