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ISLAMABAD

The dollar rose four paisas against the rupee in the currency exchange establishments of twin cities on Tuesday.

The markets of Islamabad and Rawalpindi started the day with a stronger greenback at Rs 54.22 as compared with overnight value of Rs 54.18. The dollar was sold at Rs 54.26 as compared with Monday's rate of Rs 54.23.

Currency dealers stated that markets of Islamabad and Rawalpindi resumed trading on a positive note following participation of buyers and sellers in the first session. The markets remained in plus zone throughout the day and finally closed on a firm note.

They said that demand for the ever-favourite greenback considerably increased in the local kerb that ultimately affected the value of the rupee in the money markets of twin cities.

Major players of currency markets were of the view that a couple of motivating factors helped the rupee to maintain its current levels with moderate buying and selling for the last few days. First of all, bold decisions of the State Bank of Pakistan during the last two weeks about forex transfer. Secondly, balanced demand and supply factor in the kerb markets. The trade volume of the greenback and other hot favourite currencies also showed current balanced trading and bearish trend on the stock exchanges of the country. However, leading players and profit-seekers will only take new positions with margin hunting.

Pound sterling soared by 25 paisa in its value as it opened at Rs 86.25 (buying) as compared with the previous rate of Rs 86. British currency moved between Rs 86.25 and Rs 86.30 and was sold at Rs 86.55.

Japanese yen started the day at Re 0.508 as compared with the last rate of Re 0.515. It moved in a tight band and was sold at Re 0.512 as compared with the overnight value of Re 0.518.

UAE dirham was bought and sold at Rs 14.80 and Rs 14.82 respectively, Saudi riyal opened at Rs 14.46 (buying) and sellers offered two paisa more at Rs 14.48.

German mark showed an improvement of 15 paisa as it started the day at Rs 26.75 as compared with the Monday's rate of Rs 26.60. The overall turnover of German currency expanded in the evening session and was sold at Rs 27.