Rupee unchanged

The rupee closed steady against the dollar in the interbank market on Tuesday, currency dealers said.

The rupee settled at 115.61/dollar, unchanged from Monday’s closing. Dealers said the local currency traded in a narrow range owing to normal dollar demand from importers.

The rupee was stuck in the range of 115.61/115.64 during the session. Dealers said the market is seeing a normal trading cycle because of slowdown in import payments.

However, the local currency sheds some value in the open market. It weakened to 117.60/117.90 against the dollar, compared with 117.50 and 117.80 in the previous trade, according to the currency rates quoted by the Exchange Companies Association of Pakistan.