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Rupee extends gains

MUMBAI: The rupee strengthened by seven paise to 39.42/43 against dollar on Tuesday, its fourth gain in a row, on fresh dollar selling by exporters and expectations of more capital inflows into equity. It closed at 39.49/50 on Monday.

In quiet trade at the interbank foreign exchange market, the local currency resumed firm at 39.46/48 a dollar and later moved in a range of 39.41 and 39.48.

The rupee sentiment was also bolstered by the absence of the central bank, for the last couple of days, they added.

Though Foreign Institutional Investors (FIIs) have slowed down activity since last month, the capital inflows so far in the year has pushed the rupee by more than 10 per cent. — PTI

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