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    Default Rupee weakens by three paise at 46.68 against dollar

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    The Rupee today closed weaker by three paise at 46.68 against the dollar on fresh buying support for the greenback by bankers and modest rise in regional stock markets, traders at the interbank foreign exchange (forex) said here today.

    The Indian unit touched firm at 46.67 a dollar at the opening session but later fluctuated in a narrow range between 46.65 and 46.70 in intra day trade.

    The rupee traded in a tight range this afternoon as stronger local equities offset dollar demand from importers.

    At noon session, the partially convertible rupee was at 46.67/68 per dollar, almost steady from its close of 46.65/66 last Thursday.

    Dollar demand from importers tends to peak at the end of each month, when they are required to make payments for their imports.

    One-month offshore non-deliverable forward contracts were quoted at 46.67/77, close to the spot rate.

    In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were quoting at 46.78 on both the exchanges.

    Meanwhile, six month forward dollar premium was recorded firm at 3.07/09 per cent (2.90/92) and one year annualised dollar premium also ended higher at 2.90/92 per cent (2.88/90 per cent).

    The Indian unit, quoted against global currencies like Euro ended at 67.28/30 (67.18/20) per unit, Pound Sterling closed at 74.50/52 (74.66/68) per unit and Yen touched at 50.80/82 (51.10/12) per 100 units, dealers added.


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