February 22, 2006	Wednesday	Muharram 23, 1427

MUMBAI, Feb 21: The rupee closed marginally lower on Tuesday, pushed down by broad-based dollar strength and demand for the US currency from oil importers, but losses were limited as dealers anticipated strong foreign buying of Indian shares.

Traders said corporate demand for dollars was offset by demand for rupees from foreign banks, helping keep the rupee in a tight range between 44.36 and about 44.44 per dollar.

It closed the day at 44.4175/ 4275 per dollar, 0.11 per cent weaker than Monday’s close, but holding above a one-month low of 44.4975 hit on Friday

There have been good two-way flows today, said a dealer at a foreign bank in Mumbai. There has been some oil-related buying of dollars, while the equity market has provided some support. —Reuters