Rupee stable

The rupee held steady against the dollar on Thursday amid lack of buying interest from market participants, dealers said.

The rupee closed unchanged at 115.61/dollar in the interbank currency market.

The local unit remained flat at 118.40/118.70 against the dollar in the open market. Traders remained on the sidelines during the session due to the absence of market triggers, dealers said.

The State Bank of Pakistan published forex reserves data, showing that the country’s foreign exchange reserves inched up to $16.419 billion during the week ended June 1 from $16.406 billion a week ago. The forex reserves held by the central bank increased by $8 million to $10.042 billion.