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Our Bureau

Mumbai, Feb. 28

The rupee weakened by almost seven paise on Wednesday due to a bearish stock market. The currency opened at 44.35/36, touched an intra-day low of 44.37 to finally close at 44.27/28, against the previous close of 44.21 on Tuesday. "There were fears of foreign institutional investors pulling out of equities. This pushed down the rupee to 44.37 before it traded at 44.25/26," said a dealer at a private bank. Dealers expect the rupee to trade in the range of 44.20-44.40 this week. The six-month forward premia closed at 3.44 per cent (3.41 per cent) and the one-year closed at 3.15 per cent (3.11 per cent).

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