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Our Bureau

Mumbai, May 28

The rupee strengthened by about 7 paise against the greenback to close at 40.51/52 on Monday down from the previous close of 40.5850/5950. The domestic currency rose intra-day to a nine-year high of 40.28 driven by strong FII inflows in the market. It opened at 40.53/55 and saw a high of 40.28 but quickly slipped from the position due to suspected RBI intervention in the market. "The central bank was seen buying dollars in a bid to curb the rise of home currency," said a dealer with a private bank. In forwards, the six-month premia closed at 3.18 per cent (4.23 per cent) while the 12-month closed at 3.09 per cent (3.7 per cent).

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