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Rupee marginally stronger
June, 02nd 2010

The rupee see-sawed on Wednesday afternoon caught between mild gains in domestic shares and a broadly strong dollar overseas which weighed.

* At 2:25 p.m., the partially convertible rupee was at 47.11/12 per dollar, stronger than its previous close of 46.16/17. The rupee has traded in a range of 46.94 to 47.29 so far in the session.

* On Tuesday, the rupee had dropped 1.7 per cent to 47.16/17 in its biggest one-day fall since a 2.6 per cent drop on Nov. 12, 2008, according to Thomson Reuters data.

* Indian shares were trading up 0.4 per cent in a choppy session.

* The euro clawed back some losses however after government sources in Brazil, India, Japan and South Korea said they would not stop investing in the weakening currency.

* The index of the dollar against six major currencies was up 0.3 per cent.

* One-month offshore non-deliverable forward contracts were quoted at 47.31, weaker than the onshore spot rate.

* In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both at 47.2550, with the total traded volume on the two exchanges at about $5.1 billion.

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