Rupee steadies

The rupee managed to maintain its overnight levels against the dollar on Wednesday, owing to the persistent dull dollar demand, dealers said.

The rupee settled at 110.54 against the dollar, unchanged from the previous close in the interbank currency market.

Currency dealers said the domestic currency did not see any significant move. The market participants showed the lack of interest due to sluggish demand.

“The rupee was in a narrow-range. It hardly moved two to three paisas during the session,” a dealer at a major bank said. The rupee is expected to trade at 110.55 against the greenback during the remaining sessions of the week, dealers said. In the open market, the rupee remained range-bound because of equal supply and demand for the US currency in the market. The rupee traded at 111.80/dollar for buying and hovered at 112.20 for selling, Forex Association of Pakistan said.