Rupee remains flat

KARACHI: The rupee remained steady due to matching demand and supply of the greenback, traders said on Wednesday.

The rupee closed at 166.67 against the dollar, unchanged from the previous close.

In the open market, the local unit also remained stable against the dollar and closed at 167.05, compared with 167 on Tuesday.

Traders said the demand for the dollars from importers and corporate firms was there, but healthy supplies easily met that demand.

“We expect trading to continue around the current levels, with little market fluctuations, unless we see high demand for the greenback for import or corporate payments,” a trader said. “The dollar liquidity available in the market should be enough to meet the demand for the time being.”

Traders said they expected the rupee to stay stable in the near-term, amid increased dollar inflows. The rupee is expected to move in the range of 166 and 166.50 against the dollar in the near-term.