Rupee stable

The rupee remained stable against the dollar on Wednesday, owing to dull trading activities in the foreign exchange market, dealers said.

The rupee ended at Rs124.25 against the greenback, the same closing level of Tuesday, in the interbank foreign exchange market.

The dealers said importers were reluctant to open new letters of credit (LCs) after announcement of increase in Customs and regulatory duties.

The interbank foreign exchange market initiated the day in the range of Rs124.24 and Rs124.25. The market recorded the day’s high of Rs124.25 and the low of Rs124.24. In cash ready market, the rupee eased slightly. The buying and selling of the dollar was recorded at Rs125.25/Rs125.70 as compared to the previous day’s closing of Rs125.20/125.50.