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Rupee steady

MUMBAI: The rupee closed barely changed at 39.96/97 against the dollar on Monday as dollar demand at the fag end of the session erased the rupee’s early gains.

At the interbank foreign exchange market, the domestic unit resumed firm at 39.90/92 against last Friday’s close of 39.95/96. However, later, it was trapped in a range of 39.8900 and 39.9850. Initially, the rupee attempted a rally and hit the intra-day high of 39.89 following a strong trend in Asian equity markets, forex dealers said. It, however, ruled steady at around 39.93 level as the currency’s surge was mitigated due to dollar demand from banks during late morning deals, they added.

The Indian unit failed to hold its gains as the market witnessed a second round of dollar buying in the last 30 minutes of trading, a dealer with public sector bank said. — PTI

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