Rupee stable

The rupee stayed flat against the dollar on Monday, amid easy supply of the dollars, currency dealers said. The rupee closed steady at 115.61/dollar in the interbank currency market. The local unit remained range-bound, as dollar supplies were sufficient to meet the demand.

Amid slowdown in the demand, the rupee posted gains against the dollar in the open market. It closed higher at 117.50/117.80 to the greenback.

The rupee was traded at 117.60 and 118.10 for buying and selling in the previous session. However, investors were concerned over continual depletion of the foreign exchange reserves. The country’s forex reserves fell to $17.286 billion as of May 4 from $17.712 billion a week ago. The reserves held by the central bank stood at 11.162 billion, compared with $11.510 billion in previous week.