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Rupee ends steady

MUMBAI APRIL 17. The rupee closed steady against the dollar at 47.35/36 amidst strong export dollar remittances and State-run banks absorbing the excess inflows at the interbank foreign exchange market here.

Opening on a bearish note at 47.36/37, the rupee slipped further to 47.37/38 briefly in the morning as players covered dollar heavily ahead of the extended weekend holidays. However, strong dollar supplies by exporters and NRIs, coupled with subdued demand, lifted the Indian unit later, though the steady intervention by State-owned banks, acting on behalf of the Reserve Bank of India, held the domestic currency at its 19-month high which it touched yesterday. The rupee ended at 47.35/36, unchanged from its Wednesday's close.

The RBI fixed the reference rate for the dollar at Rs. 47.37. The forex market will remain closed tomorrow on account of Good Friday, extending the week-end holidays.

UNI

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