Rupee flat

The rupee remained flat on Thursday, as supply of the foreign currency was said to match the demand.

The rupee closed unchanged at 128.48/dollar in the interbank market. Currency dealers said the domestic currency was relatively stable. The suspected intervention by the central bank eased pressure on the volatile rupee.

The rupee remains under pressure, amid dwindling foreign exchange reserves, which are putting pressure on the currency. Since December, the rupee has fallen by a cumulative 20 percent.

In the open market, the rupee lost ground due to increased dollar demand. It closed at 129.30/70 to the dollar as compared to Wednesday’s closing of 128.50/129.