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Mumbai, Sept. 21

After touching a nine-year record high on Thursday the rupee ended marginally weaker against the dollar on Friday. The home currency weakened by three paise to close at 39.91, down from the previous close of 39.88/89. The rupee opened at 39.91/92, a tad weaker at 39.88/89 and saw an intra-day high of 39.86 on account of good inflows.

“The rupee remained in the range of 39.87-39.89 during the major part of the day; it weakened towards the end of the day on dollar buying by some large corporate houses,” said a dealer with a private bank. Foreign exchange dealers said that there were also rumours of dollar buying by some nationalised banks. “The central bank was seen buying dollars through nationalised banks, which was the reason the rupee could not breach the 39.85 mark, ” said a dealer. Market participants, however, expect the rupee to strengthen further to 39.75 levels. In forwards, the six-month premium closed at 1.21 per cent (1.67 per cent) and the 12-month closed at 1.38 per cent (1.82 per cent).

Our Bureau

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