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Mumbai, Aug. 27

The rupee slightly appreciated against the dollar on Monday tracking the upswing in the domestic stock market. The home currency opened at 40.93/95, going past the psychological mark of 41. It , however, gave up its gains to touch an intra day low of 41.05/06 and finally ended at 41.02/03, against Friday's close at 41.10.

Dealers said that there was strong dollar demand from nationalised banks for defence- related payments. Shipping Corporation of India was also actively buying dollars in the market, dealers said "Month-end related dollar demand is likely to continue for the rest of the week. However, there will also be some bunched-up supply of dollars on Tuesday as the markets in London were closed today," said a dealer at a private bank.

In the forward premia market, the six month closed at 0.96 per cent (1.29 per cent) and the 12 month at 1.25 per cent (1.48 per cent). - Our Bureau

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