Rupee stable

The rupee remained stable against the US dollar on Friday, as demand from importers was offset by remittances and export receipts, dealers said.

The rupee during the trading session made a high of 115.60 and the low of Rs115.41. It closed at 115.49 against the dollar in the interbank market. Dealers said the pressure on the local currency is mounting, as the foreign exchange reserves held by the State Bank of Pakistan (SBP) declined further to $11.776 billion, down $168 million from the previous week due to payments on account of external debt servicing.

“The market is seeing a surge in dollar demand by importers since last week,” a forex dealer said.