Rupee stable

The rupee ended steady on Wednesday, as dollar supplies matched the market demand, dealers said. The rupee closed unchanged at 124.24 against the dollar in the interbank market.

“There was no change in the rupee / dollar parity on balanced demand and supply position,” a currency dealer said. The local unit is expected to remain flat in the near-term. The rupee is trading at 124 since August. In the open market, the rupee posted gains against the dollar. The rupee rose 50 paisas to close at 125 to the dollar.

The currency is more likely to lose grounds, if it goes to the IMF, dealers said. Pakistan is likely to seek the IMF programme by the end of September to meet its $31 billion external financing requirements in the current fiscal year.