Rupee stable

The rupee maintained its overnight levels on Friday on the back of persistent insignificant dollar demand from importers, traders said.

The rupee closed flat for the fifth straight session at 121.54 against the greenback in the interbank market. Traders said the currency was stable in a dull trade.

“We expect the local unit to hold at this level for the moment. The market hasn’t see volatility in the last sessions,” a currency dealer said.

Market participants foresee the central bank to raise benchmark policy rate by 50 to 100 basis points at its bimonthly monetary policy review meeting to be held on Saturday. In the open market, the rupee ended slightly weaker at 123.60/124.10 against the dollar. It closed at 123.50/124 in the previous trade.