KARACHI, July 14: The rupee ended firmer on Monday as dealers said there were fewer import payments but they added the outlook was bleak because of widening current account and fiscal deficits and inflation at a 30-year high.

The rupee was quoted at 69.50/60 to the dollar at the close, compared with Saturday’s close of 69.90/95.

The central bank last week took measures to stabilise the rupee after it set its weakest ever closing level at 72.85/90 on July 8.

“There were fewer import payments in the market on Monday,” said a currency dealer.

The rupee has depreciated 11.4 per cent since the beginning of the year.

Dealers said there was market talk and speculation in some newspapers that the government may limit non-oil, non-essential imports to reduce demand.

Government officials have not commented on any such measure.

US dollar: The dollar was slightly stronger but coming off gains made early on Monday after Washington moved to bolster US mortgage giants Fannie Mae and Freddie Mac, dealers said.

The European single currency was at $1.5902 in late trade, up from $1.5872 earlier but still down $1.5932 late on Friday.

The dollar was at 106.33 yen, down from 106.70 yen but just ahead of Friday’s 106.25.—Reuters/AFP