Rupee remains range-bound

The rupee ended nearly flat on Tuesday, as the demand and supply for the US currency remained in balance, dealers said. The rupee closed at 105.47 against the dollar, down a single paisa as compared to Monday’s closing of 105.46 in the interbank foreign exchange market. The market stayed becalmed, but the fresh current account data brought worries to investors.
“The rupee could face some downside pressure, touching 105.50 level this week, amid widening current account deficit and ongoing political uncertainty in the country,” a forex dealer said. Amid higher external debt repayments, the forex reserves of SBP dropped to $13.678 during the previous week.
In the open market, the prices for the domestic currency remained firm. The rupee was traded at 107.20/40 for the second consecutive week due to smooth availability of foreign exchange in the market, Forex Association of Pakistan said.