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Our Bureau

Mumbai, May 15

The rupee weakened by around nine paise on Tuesday due to strong demand from oil importers. The home currency opened at 40.78 and closed at 40.97 against Monday's close of 40.88. "Some nationalised banks were seen buying dollars but the market does not perceive it as a central bank intervention," said a dealer at a private bank.

According to dealers, month-end demand from importers will push down the rupee to 41.20. The six-month forward premia closed at 4.74 per cent (4.92 per cent) while 12-month premia ended at 4.12 per cent (4.25 per cent).

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