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Mumbai, Nov. 7

The rupee ended flat at 39.31due to vigorous intervention by the Reserve Bank of India. The home currency opened on a strong note at 39.24/26 and saw an intra-day fresh nine-year high of 39.18 before ending the day at 39.31, similar to the previous close of 39.31/32. RBI was seen vigorously intervening in the market at 39.18 levels which weakened rupee to 39.23/25 and it was seen trading in that range during the major part of the day, said a dealer with a private bank.  220;The rupee, which was almost steady at 39.23-39.25 levels, however weakened to 39.31 towards the end of the trading day as some foreign banks were buying dollars,” said the dealer. Foreign exchange dealers said that the high oil prices and the fall in domestic stock markets could put a stop to the rupee rally and weaken it further. In forwards, the six-month premia closed at 1.66 per cent (1.52 per cent) and the 12-month closed at 1.32 per cent (1.21 per cent). —

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