Crossword Genius

Eminence of pound dropping one place in range (8)

Ross

I believe the answer is:

altitude

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'eminence' is the definition.
(thesaurus)

I don't understand how the remainder of the clue works.

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(Other definitions for altitude that I've seen before include "Elevation above sea-level" , "Angular distance above the horizon" , "Lofty position" , "Elevation above sea level" , "Height (above ground)" .)

I've seen this clue in The Independent.
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