Rupee flat

The rupee remained flat against the dollar in the interbank market on Tuesday due to the lack of import payments, dealers said. It closed unchanged at 115.61/dollar.

Dealers said the local unit remained range-bound on account of soft dollar demand from importers. However, the rupee extended losses for the second straight session in the open market to its record lowest level, despite the central bank’s call to eliminate speculations and avoid unnecessary buying of the dollars.

The Exchange Companies Association of Pakistan (ECAP) reported the rupee closing at 118.10 for buying and 118.40 for selling. It closed at 118/118.30 in the previous session.

“The open market is still a bit volatile today, owing to tight supply of the US currency,” said Malik Bostan, president of the Forex Association of Pakistan.

“A dollar buying from people during the Umrah season also creates foreign exchange demand in the market,” he added.