Rupee stable

The rupee maintained firm trend against the dollars in the interbank foreign exchange market on Tuesday, dealers said. The local currency closed at 115.61 against the dollar, unchanged from the previous close.

“The local unit is being traded at 115.61/115.62. This is in line with our expectations," a dealer said.

"Market players remained on the sidelines.” The rupee sustained losses in the open market due to demand pressure. It closed at 117.70/118.10 against the dollar as compared to 117.60 and 117.90 on Monday. "The rupee came under pressure since the start of this week due to higher demand stemmed from Umrah passengers," said Zafar Paracha, secretary general of the Exchange Companies Association of Pakistan. He sees the rupee to post gains in the coming weeks on the back of increase in remittances ahead of Eid-ul-Fitr.