The relevance of pair-breaking by exchange and dipolar fields, and by injected spins in a low carrier density cuprate Y 1−x Pr x Ba 2 Cu 3 O 7 sandwiched between two ferromagnetic La 2/3 Sr 1/3 MnO 3 layers is examined. At low external field (H ext ), the system shows a giant magnetoresistance(MR), which diverges deep in the superconducting state. We establish a distinct dipolar contribution to MR near the switching field(H c ) of the magnetic layers. At H ext ≫ H c , a large positive MR, resulting primarily from the motion of Josephson vortices and pair breaking by the in-plane field, is seen.