Rupee steadies

The rupee ended largely flat in a dull trade on Monday due to less dollar buying from importers, dealers said. The rupee closed at 110.55/dollar in the interbank market as compared to Friday’s closing of 110.54.

Currency dealers said the domestic currency was little changed as the demand for the greenback remained slightly waned during the trade. “The rupee moved two paisas to trade at 110.54/110.56,” a dealer said. “The currency traded in a very narrow-range as no significant buyer was there.”

Traders see the domestic unit to stay range-bound this week in the absence of market triggers. The rupee strengthened in the kerb market on flat dollar demand. The rupee closed selling at 111.90 against the dollar. However, it was bought at 112.20. The local currency was traded at 112/112.25/dollar in the previous trading session.