Rupee losses value against dollar in outgoing week

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The rupee lost it value during the outgoing week, amid soft dollar supplies, while dealers believe that the local unit could largely stay stable in the coming week, The News reported on Sunday.

The rupee closed at 154.90 against the greenback in the interbank market on Monday, compared with the previous closing of 154.89.

In the outgoing week, the rupee’s value remained the same with the currency closing at 154.89.

The currency market was closed on Wednesday due to the Quiad-e-Azam Day and Christmas. On Thursday, the local unit came under renewed pressure due to of higher import payments. The rupee closed at 155.07 against the greenback. On Friday, the local currency remained flat at 155.03 to the dollar.

In the open market, the rupee traded in the ranges of 154.90 and 155.20 against the dollar in the outgoing week.

Dealers said the rupee is likely to remain stable in the near-term on the back of increased foreign inflows and improved economic indicators.