Rupee flat

The rupee remained flat against the dollar for the second straight session on Wednesday on the back of sluggish dollar demand. In the interbank market, the rupee closed at 110.54/dollar, unchanged from the previous close.

Currency dealers said the rupee traded in a narrow-range due to flat dollar demand from importers and the corporate sector.

The rupee is likely to trade at the current levels this week, traders said. It gained value in the open market after the State Bank of Pakistan lifted a 35 percent ceiling on the import of cash US dollar against export of other foreign currencies.

The local currency rose to 111.80/112.30 to the greenback in the kerb market from 112.50/112.80 in the previous session. Dealers said the SBP’s recent move eased panic, restoring availability of the dollars in the market.