Rupee steadies

The rupee remained steady on Monday due to dull trading activity, dealers said. The rupee ended at 110.54 against the dollar as compared to the previous closing of 110.53 in the interbank currency market.

Dealers said the currency pair was largely range-bound, as most of the importers remained on the sidelines, amid less importers demand for the greenback. The rupee / dollar parity remained in a narrow range of 110.53/56 during the session. “The range-bound trend in the currency market is expected to sustain this week due to the lack of positive triggers in the market,” a forex dealer said. The local unit lost some value in the open market on account of increased dollar demand. The rupee fell to 112/112.40/dollar as compared to the last week’s levels of 111.90 to 112.20 in the kerb foreign exchange trade. “The currency weakened slightly, as some increase was seen in the foreign currency demand,” another dealer said.