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Our Bureau

Mumbai, Dec. 20

The rupee appreciated slightly against the dollar on Wednesday, tracking gains made by the euro. The domestic currency opened at 44.71 and touched an intra day high of 44.69. It finally closed at 44.71/72, against Tuesday's 44.75/76.

Dealers said the rupee opened stronger but dollar demand from oil companies trimmed gains. "Volumes were low and the rupee remained range bound," said a dealer at a private bank. Market participants expect the rupee to range between 44.65 and 44.85 in the coming days. Month-end related demand could cause some depreciation, they said. In forwards, the 6 months ended at 3.17 per cent (2.98 per cent) and the 12 months closed at 2.67 per cent (2.55 per cent).

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