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Mumbai, Aug. 6

The rupee weakened by about seven paise against the greenback on Monday due to the bearish domestic stock market. The home currency closed at 40.41, down from the previous close of 40.34. It opened at 40.46/47 and saw an intra-day low of 40.52 due to the fall in stock market before ending the day at 40.41. “There was, however, some good dollar supplies towards the latter part of the day which strengthened the rupee to a close of 40.41,” said Mr V Rajagopal, Head-Forex Treasury, Kotak Bank.

Market participants expect the rupee to trade in the 40.25-40.50 range. In forwards, the six-month premia closed at 1.75 per cent (1.74 per cent) while the 12-month closed at 1.80 per cent (1.79 per cent). –

Our Bureau

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