Rupee stable after long Eid break

KARACHI: The rupee maintained a stable outlook against the dollar in the interbank market on Wednesday while the open market witnessed a rush as trading resumed after the long six-day closure.

The State Bank of Pakistan reported the dollar lost eight paise and settled at Rs283.39 from the overnight closing of Rs283.47.

Currency dealers said the businesses were still in holiday mood which could be one of the reasons for the stability in the exchange rate.

The open market did not witness significant trading activities, except a rush for remittances. However, the dollar rate remained much higher despite a Re1 fall. The Exchange Companies Association of Pakistan reported the dollar rate at Rs291.