Rupee steady

Rupee ended firm against the US dollar in the currency market on Friday amid slowdown in foreign exchange demand, dealers said.

Rupee closed unchanged at 115.61/dollar in the interbank market. Dealers said the domestic currency remained stable on dull dollar demand from importers.

In the open market, rupee also ended firm at 117.40 for buying and 117.70 for selling.

“The kerb market has come back to normalcy after witnessing a volatile trade on Thursday due to improvement in supply of greenback,” Malik Bostan, president of Forex Association of Pakistan said.

“We’ve increased dollar supply to the market, which eased pressure on the exchange rate.”

Bostan foresees the rupee to be remain-range bound over the course of next week due to stable supply and demand of the dollars in the open market.