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Mumbai, Jan. 18

The rupee ended unchanged against the dollar, as the RBI stepped in once again to stem the appreciation in the domestic currency. The home currency opened at 39.34/36 and touched an intra-day high of 39.28/27. It closed the day at 39.30/31, flat from Thursday’s close. Dealers said the rupee opened weak tracking the domestic stock market. Traders also perceived an arbitrage opportunity and bought dollars in the local forex market to sell in the offshore non-deliverabl e forward market. However, banks soon began selling dollars. “The selling could have been related to IPO inflows or exporters selling in the market,” said a dealer at a private bank. The nationalised banks on behalf of RBI then began buying dollars to push the rupee down. In the forward market, the 6-month premium closed at 2.07 per cent (2.03 per cent) and the 12-month ended at 1.66 per cent (1.61 per cent).

— Our Bureau

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