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I think IrfanView will do that for a folder. Or scruncher. That's really a personal preference and IrfanView doesn't care.
What I mean to say is that I think IrfanView will reduce the size of all the images in a particular folder and resave them by either overwriting the file names or by generating new files.
I use version 3.97 and although I use Photoshop for batch conversions, I'm pretty sure IrfanView does it as well.
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