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Our Bureau

Mumbai, April 5

The rupee remained almost unchanged against the dollar on Wednesday due to heavy dollar demand by nationalised banks on behalf of the Reserve Bank of India. The domestic currency opened at 44.65/66 and touched an intra-day low of 44.72. It finally closed at 44.71, almost the same as Tuesday's 44.69/70. Dealers said there were FII inflows but nationalised banks were lapping up the greenback. The rupee, however, opened higher in tandem with the appreciation of the euro, on rumours of a hike in the interest rate in euro zone."The rupee will gain against the dollar only if the central bank stops intervening in the forex market," said a dealer at a private bank. In the forward premia market, the 6-month closed at 1.25 per cent (1.63) and the 12-month ended at 1.3 per cent (1.56).

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