Rupee unchanged

The rupee slightly weakened against the dollar in the interbank market on Tuesday, dealers said. The rupee closed at 110.57/dollar as compared to the previous closing of 110.54.

Traders said the market saw some increase in demand due to import payments. “The rupee was quoted at 110.55/57 during the session,” a forex dealer said.

Many dealers foresee the rupee to maintain the current levels, despite some improvement in investors’ sentiment.

The local unit showed slight fluctuation in its value in the open market, as it traded flat at 111.50 against the dollar for buying. The rupee sold at 111.75, down five paisas against the greenback. Dealers said the rupee lost some of its value led by some increase in foreign exchange demand from customers.

However, it is likely to track slight gains in the coming sessions due to expected slowdown in the dollar demand.