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Mumbai, June 24

The rupee was flat as the central bank sold dollars in order to prevent volatility. Some foreign banks were seen buying dollars as they wanted to take advantage of the difference between the dollar’s value in the Indian and foreign markets, said forex dealers. The rupee opened and closed at 42.96/97, unchanged from the previous level of 42.97. “The rupee was around the 42.96 level for quite some time as state-run banks sold dollars. The RBI wants to keep the ru pee steady given the high inflation. The dollar buying was related to NDF market,” said a forex dealer with a private bank. The dollar was steady against other currencies. The forward premia went up, with the six month closing at 4.3 per cent (3.98 per cent) and the 12-month at 3.83 per cent (3.63 per cent).

— Our Bureau

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