Mumbai: The rupee appreciated 16 paise against the dollar tracking the movement in the domestic stock market. The rupee opened the day at 40.42 and went on appreciating gradually thereafter to close at 40.26/27 on March 24, up from the previous close of 40.42/43. According to the source, there was good dollar selling by banks and exporters which also helped the rupee to appreciate. Foreign exchange dealers said that the rupee would weaken and trade in the 40.30- 40.50 range this week.
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