Rupee remained in an extremely narrow range on Friday, July 22, 2011 despite a strong opening early today by around 14 paise at Rs. 44.37 against the US dollar. Strength in the euro as well as domestic shares that held on to gains kept rupee shored up, however, the underlying mood in the domestic currency remained cautious before the Reserve Bank of Indias policy review slated on Tuesday, where the central bank is widely expected to announce a 25 basis point rise in key lending rate. The Indian unit registered an intra day low of 44.41 and ended at the days high of 44.36, up around 15 paise or 0.34% as compared to previous close at 44.51.
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