20000404ISLAMABAD

The rupee maintained uptrend against the dollar in Islamabad and Rawalpindi on Monday.

The markets commenced the week with a weaker greenback at Rs 54.13 as compared to last week's Rs 54.15. The overall volume of remained moderate throughout the day and the dollar was sold at Rs 54.18 as compared to last Rs 54.20.

Money changers said the markets started the day on a sluggish note as trade volume remained thin in morning session. The kerb markets of Islamabad and Rawalpindi ended on a dull trend.

They said marginal fluctuations in the value of the rupee discouraged major buyers and margin hunters to take new positions in the ever-favorite greenback. The rupee-dollar parity was not attractive enough for manipulators and speculative forces to book profits. However, genuine buyers of pound, dirham and riyal visited the kerb.

Dealers said the market moved in a tight band as overall sentiment was still negative and absence of any motivating news on economic front resulted in a stagnant environment.

Pound sterling opened at Rs 86.40 (buying) as compared to previous Rs 86.50. It moved within the range of Rs 86.40 and Rs 86.50 and was sold at Rs 86.80. Pound did not observe any significant change against the dollar in the international market.

UAE dirham resumed trading at Rs 14.80 (buying) and sellers offered two paisa more at Rs 14.82, Saudi riyal was traded between Rs 14.46 and Rs 14.48.

German mark maintained its overnight value at Rs 26.50 and was sold at Rs 26.70 in both sessions.

Japanese yen resumed trading at Re 0.516 as compared to previous Rs 0.520. It remained lower in kerb and was sold at Re 0.52 as compared to last rate of Re 0.525.