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Rupee firmer by 11 paise


Mumbai, Nov 14

The rupee strengthened by about eleven paise against the greenback on Wednesday on the back of strong gains in the stock markets. The home currency opened at 39.37/39 and closed at 39.31/32, up from the previous close of 39.42/43.

"The Reserve Bank of India was constantly buying dollars in order to cap the appreciation of rupee; so the rupee could not breach the 39.31 mark," said a dealer with a private bank. Foreign exchange dealers feel that the rupee would not strengthen further as the central bank would hold it at 39.31/32 levels.In forwards, the six-month closed at 1.41 per cent (1.28 per cent) and the 12-month at 1.15 per cent (1.06 per cent). - Our Bureau

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