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ISLAMABAD

The rupee surged by three paisa against the dollar in the money markets of Islamabad and Rawalpindi on Saturday.

The markets of the twin cities resumed trading with a weaker greenback at Rs 54.15 as compared to Friday's rate of Rs 54.18. The local currency remained stagnant throughout the evening sessions as sellers offered five paisa more at Rs 54.20.

Dealers said the markets started the day on a weak note as leading buyers and genuine visitors preferred to remain at the sidelines for a while. The overall volume did not showed any significant improvement throughout the day and the market finally closed on a depressed note.

They said a small number of genuine buyers of Islamabad and Rawalpindi visited the local market throughout both morning and evening sessions.

The trade volume of other currencies like pound, dirham and riyal remained lower throughout the day.

Commenting on the present trading trend in the money markets of Islamabad and Rawalpindi, money changers said that speculative forces and margin hunters were carefully watching the present environment from the sidelines, some of them were waiting for the ruling of Nawaz Sharif case.

On the other hand, genuine buying and selling activity has also considerably decreased. However, recent important decisions of State Bank of Pakistan and expected release of funds from the international donors would certainly help the rupee in the domestic market.

Pound sterling opened at Rs 86.50 (buying) as compared to previous rate of Rs 86.60. It did not observe any change by the end of the day and was sold at Rs 86.80.

Japanese yen opened at Re 0.520 as compared to the last rate of Re 0.514. Yen moved in a narrow range and was sold at Re 0. 525 as compared to Friday's rate of Re 0.516.

UAE dirham was bought and sold at Rs 14.80 and Rs 14.82 respectively, it resumed trading at Rs 14.46 and was sold at Rs 14.48. The trade volume of riyal considerably contracted in the local market.

The buyers and sellers of German mark offered Rs 26.50 and Rs 26.80 respectively.

Mark showed dull activity with contraction in volume throughout the day.