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Rupee strengthens further

MUMBAI, JAN. 13. The rupee gained yet another two paise against the U.S. currency, maintained the firm trend for the fifth straight session and climbed to a new two-month peak today on the back of steady foreign fund inflows, despite the temporary early hiccups.

In fairly choppy two-way trading at the interbank foreign exchange market, the rupee closed at 45.4050/4150 a dollar, higher from Monday's finish of 45.4250/4350 after testing an early low of 45.45/46 due to dollar demand from state-run banks. It opened soft at 45.43/44 a dollar, following the greenback's modest rally in overnight global deals.

The rupee has appreciated by around 29 paise in the last five consecutive trading sessions, buoyed by robust trade and capital inflows. Having crossed the 45.4150/4250 a dollar level logged on November 14 last year, the rupee is now a whisker away from 45.3850/3950 clocked at the close of trading on November 13, a dealer said, adding "with the current trend persisting, it could easily breach the 45.40 a dollar level". — PTI

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