Rupee closes flat

The rupee ended steady against the US dollar in a dull trade on Wednesday, dealers said. In the interbank market, the rupee closed unchanged at 124.24 to the dollar.

Currency dealers said the local unit was range-bound. The rupee traded in a 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. Rupee remained flat against the dollars in the open market due to dull demand for foreign currency. It closed firm at 124.50/dollar.