Rupee stable

The rupee traded at the current levels in lethargic trading on Monday, traders said. The rupee closed flat at 110.54 against the dollar in the interbank market.

Traders said the currency pair remained range-bound, as trading was subdued for the Presidents’ Day holiday in the US. “The rupee was quoted at 110.54/56 during the session,” a forex dealer said. Many dealers foresee the rupee to maintain the current levels, despite some improvement in the investor sentiment.

The local unit dropped its value in the open market. It lost 20 paisas for buying to trade at 111.50 against the dollar. The rupee sold at 111.75 against the greenback as compared to the last week’s level of 111.60. Dealers said the local currency lost some of its value led by increase in foreign exchange demand from customers.