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ISLAMABAD

The rupee remained stagnant against the dollar in the money markets of Islamabad and Rawalpindi on Monday.

The markets of twin cities resumed trading with a moderate greenback at last closing rate of Rs 54.20. The rupee did not show any significant change by the end of second session and was sold at Rs 54.25.

Money changers stated that market started the day on a stable note as a good number of buyers and sellers visited the market in the morning session. The overall volume further expanded in the second session and market finally managed to close on a comparatively better note.

They said that fresh supply of greenback helped the local currency to present a better picture with encouraging turnover. However, manipulators and speculators took new positions in greenback and other favourite currencies throughout the day.

Pound sterling shed 40 paisa as it opened at Rs 86.60 against last Saturday's rate of Rs 87. British currency moved within the range of Rs 86.60 and Rs 86.70 and was finally sold at Rs 87.

UAE dirham was bought and sold at Rs 14.79 and Rs 14.83, Saudi currency opened at Rs 14.45 and sellers offered 3 paisa more at Rs 14.48. The demand of these two currencies considerably increased in the local kerb as genuine buyers as well as margin hunters remained busy in trading of riyal and dirham during the day.

German mark resumed trading at Rs 27.35 of previous rate. Mark remained active in both morning-evening sessions and was sold at Rs 27.70.

Japanese currency was bought and sold at Re 0.498 and Re 0.450 respectively.