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MUMBAI: The domestic currency closed higher against the dollar at 46.1250/1350 on Friday, around 3 paise stronger as compared to Thursday's close at 46.16/1650.

Dealers said the market was largely in selling mode, with foreign banks taking the lead in early trades, followed by others liquidating their short dollar positions. "Banks were selling partly to cover their products as today was reporting Friday," said a forex dealer.

The market was once again taking a view that the rupee would appreciate further, although there have been some doubts in the recent past, he said.

The heavy dollar liquidity drove the rupee to an intra day high of 46.1050/1150.

Meanwhile, forwards are showing signs of inching up again, with the six-month premium ending at 1.98 per cent (1.68 per cent) and the premium for one year ended at around 2.05 per cent (1.75 per cent).

Bond prices gained by around 35-40 paise across maturities in a bullish Government securities market on Thursday, clocking volumes at an all-time high of Rs 10,434 crore.

The 7.40 per cent 2012 paper opened at Rs 112.02 and got dealt up to Rs 112.26. The 7.27 per cent 2013 opened at Rs 112.23/24 and got dealt up to Rs 112.35. The 9.81 per cent 2013, which closed on Thursday at Rs 130.75/78, traded up to Rs 131.12. The yield to maturity on this 10-year benchmark security is at 5.64 per cent. The 8.07 per cent 2017 paper got dealt up to Rs 120.20. It closed at Rs 119.80/85 on Thursday.

Call rates remained at 4.75-5 per cent levels.

Meanwhile, in the one-day repo under the LAF, the RBI received and accepted 48 bids amounting to Rs 22,855 crore.

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