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ISLAMABAD

The dollar lost strength against the rupee in Islamabad and Rawalpindi markets on Saturday.

The market resumed trading with a weaker greenback at Rs 54.20 as compared to overnight value of Rs 54.22. The rupee remained pegged and was sold at Rs 54.27.

Money changers stated that the market opened on a comparatively better note following participation of genuine buyers and sellers in the first session. The overall volume further expanded in the evening session and market closed on a positive note.

They said that demand of the greenback considerably increased in the kerb with better volumes in other currencies like pound, dirham and riyal.

A leading currency dealer of Islamabad said the current negative sentiment at the stock exchanges encouraged the speculative forces to divert their investment to money markets.

Friday's trend in blue chips provoked margin hunters to take fresh positions in hot favorite currencies. Genuine buyers and sellers also visited the kerb in both sessions.

Pound maintained its overnight value at Rs 87 (buying) and Rs 87.40 (selling).

UAE dirham was bought and sold at Rs 14.80 and Rs 14.83 respectively. Saudi riyal opened at Rs 14.46 and was sold at Rs 14.49. Both currencies showed sizeable volumes with participation of major buyers.

The buying and selling rates of Japanese yen remained at Re 0.495 and Re 0.497 throughout the day.

German mark started the day at Rs 27.35 as compared with last rate of Rs 27.50. Mark remained active in both sessions and was sold at Rs 27.60.