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Our Bureau

Mumbai, April 11

Exporters may be facing a difficult situation with the rupee continuing to be in the 42 range against the dollar for the fourth consecutive day. The domestic currency weakened by around 4 paise but still remained close to the eight - year high mark at 42.87 on Wednesday against the previous close at 42.83. Rupee opened at 42.80/81, saw an intra-day low of 42.93 before closing at 42.87."Cash related imports were seen in the morning," said a dealer with a private bank. "There was heavy buying by foreign banks," he added.

Market participants expect the rupee to appreciate to 42.75. In the forwards, the 6-month premia closed at 4.93 per cent (5 per cent) and the 12-month closed at 3.99 per cent (4.04 per cent).

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