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Our Bureau

Mumbai, Jan. 4

The rupee gained by about eight paise towards the end of trading on Thursday on dollar selling by exporters. The currency had opened lower at 44.42 on an overnight dollar rally and dollar buying by oil companies, said a forex dealer.

However, due to sustained dollar selling, the rupee gained to close at 44.27/28 against Wednesday's close of 44.35/36.

"There was some resistance at 44.33/34 levels on expectations the Reserve Bank of India may intervene. But that did not happen and the rupee gained," the dealer said. The dollar rallied a bit against other currencies such euro and pound but was steady against the yen. Forward premia moved up, with the 6-month closing at 3.78 per cent (3.62 per cent) and the 12-month ending at 3.07 per cent (2.94 per cent).

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