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Our Bureau

Mumbai, Feb. 23

The rupee gained against the US dollar as it tracked the yen and also on strong inflows into the domestic equity market. The dollar was weak against all global currencies, due to strengthening of the yen. The yen strengthened to 116.90 from 118.5 against the dollar, said dealers. The rupee opened at 44.58/60 and touched a low of 44.63. However, it gained towards close to end about 20 paise higher at 44.43/45 against the previous close of 44.64/65.

"The yen was bought against the dollar following statements from the Bank of Japan that the easy monetary policy would be stopped soon," said a dealer with a private bank. In the forward premia market, the six-month premium closed at 2.05 per cent (2.27) and the one-year premium closed at 1.72 per cent (1.81).

If there is further recovery in foreign currencies in overnight trade, the rupee could touch levels of 44.30 tomorrow, said the dealer.

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Rupee gains on strong inflows

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