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Our Bureau

Mumbai, March 12

The rupee dipped against the greenback on dollar demand on Monday. The currency opened at 44.20/23 and fell to a low of 44.26. It finally closed at 44.26 against Friday's 44.20/21. Dealers said the rupee opened slightly lower tracking the weakness in the yen. The domestic currency was also trailing the movements in the domestic equity market. "Some foreign banks were buying dollars during the day which caused the rupee to fall to a low of 44.26, while a second set sold dollars to prop the rupee at close," said a dealer at a private bank.

Market participants said the domestic currency is expected to continue tracking the stock market and be in the 44.17 - 44.25 range. In forwards, the six-month closed at 3.04 per cent (3.15) and the 12-month ended at 2.93 per cent (2.98).

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