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Friday, April 15, 2011

Forex news :Rupee slightly down due to weak shares

The rupee was slightly down in early trades on Friday on the back of negative local shares and mild gains in the dollar in Asia trades.

At 9:30 a.m., the partially convertible rupee was at 44.5525/5575 per dollar, marginally weaker than Wednesday's close of 44.50/51. The local forex market was closed on Thursday for a holiday.

Indian shares were down nearly 1% in early trades on Friday, with Infosys Technologies leading the decline after the outsourcer reported lower-than-expected fourth quarter net profit.

The index of the dollar against six major currencies was up 0.1% at 74.760 points.

Traders expect the rupee to trade in a range of 44.38-44.58 per dollar intraday.

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