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Rupee gains on dollar selling
The rupee gained by 20 paisa from its previous close as a large oil company was seen selling dollars, and on expectations that the Government will reduce its borrowing in the Budget next week.
The rise in the domestic equity market also helped the rupee gain. The domestic currency opened at 45.16 and closed at 45, against Friday's close of 45.20. “This level was seen a month ago. Expectation that the government will take steps to tackle the deficit is being seen as positive,” said a forex dealer with a private bank.
In the overseas market the dollar was strong against the euro. In the forward premia market the one-year closed at 6.09 per cent (6.07 per cent).
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