KARACHI: The rupee remained steady against the dollar on the last trading day of 2010 as traders show reluctance to grab the falling greenback, dealers said on Friday.
“The rupee maintained its level against the dollar because buyers were least interested in the falling US dollar,” a dealer said. The interbank forex market on Friday started the day in the range of Rs85.77 and Rs85.78. Most of the trades were seen between the high of Rs85.78 and a low of 85.63 made by the dollar.
The rupee gained eight paisas to close at 85.64 to a dollar from the previous day’s close of 85.72 in the interbank foreign exchange market. Currency experts said that the rupee would maintain the level in the coming weeks as inflows of home remittances are likely to remain encouraging.
Meanwhile, the dollar eased in the international market against a basket of currencies, they added. The rupee fell to a historic low during the year in October when the exchange rate peaked at Rs86.32 to a dollar. However, it recovered sharply at 85.30 during November on the back of improved inflows.
