The rupee stayed flat against the dollar in the interbank foreign exchange market on Monday, dealers said. The rupee ended firmer at 110.55/dollar, unchanged from the previous closing level.
Currency dealers said the market was in the narrow-range. The rupee started on a stable note. However, the domestic unit moved down to 110.57/58 in an intraday trade due to mild demand for the foreign currency from importers. “Importers bought dollars to settle their payments that put some pressure on the exchange rate. But, the rupee managed to hold its support level owing to smooth supply of the dollars,” a dealer said. In the open market, the rupee was on a downward trajectory amid uptick in the dollar demand. Meanwhile, a positive data on workers’ remittances boosted investors optimism.