Rupee stable

The rupee continued to trade strong against the dollar on Friday because of insignificant dollar demand from importers and corporate sector.

The rupee ended at 123.92/dollar, compared with the previous closing of 123.96 in the interbank market.

Dealers said the sluggish dollar demand due to the lack of sizeable payments helped the rupee post frequent gains against the greenback.

“The likelihood of an increase in foreign inflows is driving the rally in the currency market,” a trader said.

In the open market, the rupee maintained its gains, as well. It closed at 122.50 against the dollar, compared with Thursday’s trading of 123.