Rupee stable

The rupee ended steady against the dollar in a dull trade on Monday, dealers said. In the interbank market, the local currency closed unchanged at 124.24 against the dollar.

Currency dealers said the local unit was range-bound. The rupee traded in the narrow band of 124.26/27 due to sluggish dollar demand from importers. “The currency looks to remain stable this week on the back of routine demand,” a dealer said.

In the open market, the rupee posted minor loses against the dollar due to fresh increase in the demand. It closed at 124.60 against the greenback, compared with 124.50 in the previous trade.