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Mumbai, Aug. 24

The rupee weakened by six paise against the greenback on Friday due to a fall in Asian stock markets and rumours of political instability. The home currency opened at 41.07 and saw an intra-day low of 41.19 before ending the day at 41.10, down from the previous close of 41.03/04.

Market participants feel the rupee could weaken further. “There is still room for the rupee to weaken,” said Mr V Rajagopal, Head-Forex Treasury, Kotak Bank. In forwards, the six-month premium closed at 1.29 per cent (1.52 per cent) while the 12-month closed at 1.48 per cent (1.61 per cent). –

Our Bureau

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