Rupee unchanged

Rupee ended flat on Friday after trading in a narrow range during most of the session as investors were reluctant to take fresh positions, traders said.

Rupee closed at 110.57 against the US dollar, unchanged from previous close in the interbank market. “The currency pair stayed firmer,” a currency dealer said. “It’s unlikely for rupee to surpass the existing support level of 110.55/58 in near term as the central bank wants to keep the rupee/dollar parity at these levels.”

The country’s foreign exchange reserves fell to $18.240 billion on March 9 from $18.329 billion a week earlier. Foreign exchange reserves held by the State bank of Pakistan dropped $107 million to $12.126 billion. Rupee posted mild gains against the greenback in kerb market. It closed higher at 111.40/111.70/dollar. Rupee ended at 111.45/111.75 in the previous trade.