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ISLAMABAD

The dollar slightly recovered against the rupee in the kerb markets of Islamabad and Rawalpindi on Thursday.

The currency exchange establishments of twin cites resumed trading with a better dollar at Rs 54.22 as compared to Wednesday's rate of Rs 54.21. The dollar was sold at Rs 54.27 as compared to overnight value of Rs 54.25.

Moderate number of genuine buyers and sellers visited the local kerb in the morning session. The trade volume expanded in the second session and market finally closed on a positive note.

Short-term margin hunters and profit seekers took fresh positions in ever-favourite dollar to book profit. However, the rupee did not observe significant fluctuation with moderate turnover throughout the day.

Smooth supply of the dollar and participation of major buyers helped the rupee portray a stable picture in the markets.

Absence of motivating factors on both political and economic fronts forced the leading players to remain at the sidelines.

The pound sterling moved between Rs 86.50 and Rs 86.70 throughout both morning and evening sessions. It opened at Rs 86.50 (buying) as compared to last rate of Rs 86.15. Pound was sold at Rs 86.70 as compared to previous rate of Rs 86.50.

UAE dirham resumed trading at Rs 14.81 as compared to overnight value of Rs 14.80. The dirham remained higher in the kerb and was finally sold at Rs 14.83 as compared to Wednesday's rate of Rs 14.82. Saudi riyal was bought and sold at Rs 14.46 and Rs 14.48 respectively.

Japanese yen opened at Re 0.508 and was sold at Re 0.51 respectively.

German mark started the day at Rs 26.75 as compared to last rate of Rs 26.70. The trade volume of mark remained moderate throughout the day and was sold at Rs 27.

The Rawalpindi money market opened on a dull note in the absence of buyers and sellers in the kerb. The market remained in minus column throughout the day and was finally closed on a negative note.

The dollar and pound were bought and sold in Rawalpindi at the same rate as in Islamabad.