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Our Bureau

Mumbai, Aug. 21

The domestic currency moved in a five-paise range and gained one paisa against the US dollar on Monday. Dollar buying by large corporates and oil companies kept the rupee from appreciating further. The rupee opened at 46.41/42 and moved in the range of 46.41 and 46. 46 to finally close at 46.46, higher than Friday's close at 46.47. "There was hardly any movement in the market. Domestic oil companies were seen buying dollars in the market," said a dealer at a private bank. "Though the FII inflows into the equity markets was positive for the forex market, the demand for dollar from oil companies prevented the rupee from gaining considerably," he said. The rupee is expected to gain against the dollar, but month-end demand from importers may pare its gains, the dealer added. In the forward-premia market, the six-month premium ended at 1.41 per cent (1.43 per cent) and the 12-month premium at 1.35 per cent (1.37 per cent).

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Rupee moves in narrow range

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