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The rupee advanced further by 18 paise to 44.41 against the American currency in morning trade today on persistent selling of dollars by exporters and banks in view of sustained foreign capital inflows into the equity market, coupled with dollar weakness overseas.
In active trade at the Interbank Foreign Exchange, the local unit opened higher at 44.44/45 a dollar as against last weekend’s level of 44.59/60 a dollar and firmed up further to 44.41 a dollar before quoting at 44.45/46 a dollar at 10.30 a.m.
It moved in a range between 44.41 and 44.50 in morning deals.
Exporters and banks preferred to reduce their dollar position due to heavy capital inflows from foreign funds in recent days, a forex dealer said.
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