Rupee unchanged

The rupee traded flat for the third consecutive session on Monday, amid dull dollar demand from importers, dealers said. The rupee closed unchanged at 124.24 against the dollar in the interbank market. The currency traded in the narrow range of 124.22/25 during the entire session.

“The currency remained stable due to expectations of increased Eid-related remittance flows from overseas Pakistanis,” a dealer said. “There was no reason for the rupee to be under pressure given sluggish dollar demand. There was no payment pressure on the currency.”

In the open market, the rupee weakened due to renewed demand for the foreign exchange. It closed at 124.50 against the dollar, compared with the previous level of 123.50.