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Our Bureau

MUMBAI: The rupee gained 7 paise against the greenback on Friday to close at 45.83/84. On Thursday, the domestic currency closed at 45.90/92.

Heavy buying of the greenbacks by banks across the board took the rupee down to an intra-day low of 45.96/98. The rupee was range-bound between the levels of 45.85 to 45.95 during the day's trade.

Heavy selling by foreign banks in the later part of the day enabled the rupee recover.

Dealers opine that banks made intra-day profits on a volatile trade. In the forwards market, an upward movement was witnessed on the back of heavy sell-buy swaps. The six-month forward ended at 1.45 per cent (1.08 per cent), while the twelve-month forward closed at 1.20 per cent (0.95 per cent).

" The market may remain dicey till June 30 during which the rupee is expected to again touch 46.00 levels," said an analyst.

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