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Our Bureau

Mumbai, June 12

The rupee strengthened by almost four to five paise on dollar selling by some foreign banks. The home currency opened at 40.77/79, touched an intra-day high of 40.66, to finally close at 40.75 against the previous close of 40.79/80. "Dollar selling strengthened the rupee to 40.66, but soon the RBI was seen in the market as public sector banks bought dollars and the home currency dipped to 40.74 against the greenback," said a dealer at a private bank.

Dealers said the rupee is likely to trade in the range of 40.60-40.75 this week. In forwards, the six-month premia closed at 2.95 per cent (2.64 per cent) and the 12-month ended at 2.84 per cent (2.69 per cent).

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