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Our Bureau

Mumbai, Jan. 29

The rupee gained by almost two paise against the greenback on dollar selling by exporters. The home currency opened at 44.30/32, touched an intra-day low of 44.34 to finally close at 44.20/21 against Thursday's 44.23/24.

The market is cautious ahead of the Credit Policy. "Market expects a 25 basis points rise in repo," said a dealer at a private bank. "In late trading, some private and foreign banks were seen selling dollars," the dealer said. The six-month forward premia closed at 3.87 per cent (3.97 per cent) and the one-year closed at 3.22 per cent (3.31 per cent).

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