Rupee stable

The rupee remained steady against the dollar in the interbank market on Monday due to less dollar buying from importers, dealers said. In the interbank market, the rupee closed unchanged at 115.61 against the dollar. The rupee traded at 115.61/115.63 during the session.

The local unit reversed some of the gains it made on Saturday in the open market following the UAE’s decision not to allow exchange of currencies without the permission of origin countries. The rupee closed at 117.50/117.80/dollar as compared to 116.70/117.30 in the previous trade.

The rupee came under demand pressure again in the kerb dealings, despite comfortable dollar supplies. Traders were demanding from the Dubai government to eliminate the illegal channel and smuggling of the foreign currencies via Pakistan and Afghanistan to Dubai.