Rupee stays firm

KARACHI: The rupee was little changed on Tuesday due to matching demand and supply of the dollar in the market, dealers said.

The rupee closed at 165.88 against the dollar, compared with the Monday’s closing of 165.89 in the interbank foreign exchange market.

The rupee also ended unchanged at 166.30 against the dollar in the open market. Dealers said the market started on a negative note and the local currency opened weaker at 166.05 versus the greenback due to increased demand for the dollar for debt repayment.

“There was around $30 million debt payment to the International Monetary Fund under the extended fund facility was scheduled today. However, the market easily covered these outflows and settled down without putting any pressure on the rupee,” a currency dealer said.

“The rupee remained stable, as supply of the dollar matched the demand.” Dollar inflows increased after some exporters sold greenback in the market, dealers said.