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Our Bureau

Mumbai, Aug 8

The rupee gained marginally against the green back on Tuesday due to dollar selling by exporters. The rupee opened weaker at 46.60/62 and closed at 46.54, higher than Monday's close at 46.58/59.

The rupee opened weak at 46.60/62 due to a strong dollar overseas. The US currency was trading strong against major global currencies. "However, later in the day there was steady selling of dollars by foreign banks on behalf of exporters.

The home currency touched an intra-day high at 46.51," said a dealer at a private bank. "The domestic equity market also helped the rupee to strengthen," he said. "There were a few domestic oil companies buying dollars too," he said. Dealers said the movement of rupee against the dollar could only be decided after the Federal Open Market Committee (FOMC) meetingon Tuesday. In the forward-premia market, the six-month ended at 1.11 per cent (1.08per cent) and the 12-month ended at 1.18 per cent (1.16 per cent).

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