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Our Bureau

Mumbai, March 14

The rupee weakened by about three paise on weakness in the domestic stock markets. "The market fears the global investors may turn sellers in the equity market," said a dealer at a private bank. The home currency opened at 44.30/32, touched an intra-day low of 44.36/37 to finally close at 44.2450/25, against the previous close of 44.2050/2150 on Tuesday. "The rupee also tracked the depreciation of the yen against the dollar," said the dealer.

According to dealers, the rupee recovered during the day on the dollar selling by some foreign banks. The six-month forward premia closed at 3.42 per cent (3.27 per cent) and the one-year closed at 3.14 per cent (3.07 per cent).

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