20000212ISLAMABAD

The dollar gained more strength against the rupee here on Friday.

The market resumed trading with a better greenback at Rs 54.22 as compared to Thursday's Rs 54.15. The rupee did not observe significant change by the end of second session and was sold at Rs 54.28 as compared to overnight value of Rs 54.25.

Dealers were of the view that the market started the day on a dull note following absence of major players and genuine buyers in the first session. Lacklustre activity continued in both sessions and the market closed on a negative note.

They said the rupee shed seven paisa in the kerb due to shortage of the dollar.

Demand of the greenback further increased in Islamabad-Rawalpindi as the major sellers appeared to be out of the ring.

The overall volume of other currencies also contracted. Pound and other major currencies moved in a tight band.

Pound sterling fell by 60 paisa as it opened at Rs 87 against Thursday's Rs 87.60. It moved within the range of Rs 87 and Rs 87.10 and was sold at Rs 87.40.

Buyers of UAE dirham offered Rs 14.80 and sellers were ready to offload their holdings at Rs 14.83, Saudi currency opened at Rs 14.46 and was sold at Rs 14.49.

Japanese yen was bought and sold at Re 0.495 and Re 0.497 respectively.

German mark started the day at Rs 27.35 as compared to Thursday's Rs 27.50. Mark remained lower in the kerb and was sold at Rs 27.60.