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Have a look at this site for the recommended method for doing this (this works in any program - just substitute your program's native format for PSD; for Preview, the native format is PDF). Due to the limitations of the JPEG format, it isn't possible to rotate a JPEG completely losslessly, but using this method will minimize the loss.
 
does iphoto have lossless rotation?
if not, it still keeps the original photo i imported tho rite?
 
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