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ISLAMABAD

The US dollar surged by five paisa against the rupee in the open currency markets of Islamabad and Rawalpindi on Tuesday.

The market started the day with a comparatively better greenback at Rs 54 as compared to overnight value of Rs 53.95. The rupee did not observe significant fluctuation by the end of the day and was sold at Rs 54.05.

Money changers said that Islamabad market resumed trading on a firm note due to the participation of margin hunters and genuine buyers in the first session. However, a number of buyers and sellers booked deals on telephones and mobiles due to heavy rain. The trade volume further expanded in the evening session and market finally closed on a healthy note.

They said that slight fluctuation in demand and supply factor resulted in a stronger greenback in the local kerb. However, rupee will definitely rebound in coming sessions.

The volume of other favourite currencies like pound, dirham and riyal also expanded in both morning and evening sessions, they added.

Pound sterling opened at Rs 87.65 as compared to Monday's rate of Rs 87.85. The British currency moved within the range of Rs 87.65 and Rs 87.70 and was sold at Rs 88.

UAE dirham was bought and sold at Rs 14.76 and Rs 14.80 respectively, Saudi riyal resumed trading at Rs 14.42 and was sold at Rs 14.46.

German mark shed 75 paisa in its value as it opened at Rs 26.40 as compared to last rate of Rs 27.15. Mark remained higher in the kerb and was sold at Rs 27.

Japanese currency was bought and sold at Re 0.503 and Re 0.505 respectively.

Rawalpindi currency market behaved divergently as it opened on a dull note and remained in minus territory throughout the day. Absence of major players and sellers from the city market resulted in thin volume by the end of the day.

Dollar and pound were bought and sold at the same rate of Islamabad.