Rupee stable

Rupee remained stable against the US dollar in the interbank currency market on Friday, traders said. The rupee closed flat at 115.61/dollar. The market saw a lethargic trading activity due to normal dollar demand from importers.

Investors expressed optimism over the State Bank of Pakistan’s decision to increase the policy rate by 50 basis points to 6.5 percent for the next two months. This decision was in line with market expectations.

In the open market, the rupee maintained its stable trend due to improvement in dollar supplies. The rupee closed unchanged at 118.50/119 against the dollar during the session in the kerb market.

A currency dealer said the demand for foreign exchange remained higher from people going to Saudi Arab to perform Umrah.