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Spot Dollar
JANUARY 31: The rupee finished weaker on Monday on the back of month corporate-demand for dollars. Opening the day at 43.61/6175 from its last close at 43.61/6125, the rupee weakened to an intra-day low of 43.63.25 after corporates, including state-run firms, bought dollars to effect month-end payments. "The rupee eased to 43.6350/6400 levels around noon due to short covering by some corporates. However, the State Bank of India dollar sales later, helped the rupee to recover some of its lost ground and close at 43.6250/6350", a dealer with a European bank said. Fears of oil prices rising further loomed large on market sentiment. "This bias is towards a weaker rupee", a dealer with a brokerage said. On Friday, the rupee ended marginally weak on corporate dollar demand and short-covering by banks. The RBI fixed its reference rates for the dollar at 43.64 as against Friday's 43.61. FORECAST: Rupee seen at 43.64 levels on Tuesday. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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