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Our Bureau

Mumbai, Jan. 31

The rupee gained by almost three paise on Wednesday on strong dollar selling by exporters.

Dealers said the currency opened strong at 44.13 on India's rating being upgraded to "investment grade" by the international ratings agency, Standard & Poor's. It touched an intra-day low of 44.21 and finally closed at 44.18/19 against previous close of 44.20/21. Dealers said the public sector banks on advice from the Reserve Bank of India were seen buying dollars in the market.

"The market feels the RBI has raised the expectations on another hike in repo and reverse-repo rayes," said a dealer at a private bank. The rupee is likely to trade in the range of 44.05-44.10 this week,he added. The six-month forward premia closed at 3.52 per cent (3.87 per cent) and the one-year at 3.08 per cent (3.22 per cent).

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Rupee gains marginally

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