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ISLAMABAD

The rupee remained stagnant against the dollar in the currency exchange establishments of twin cities on Tuesday.

The markets of Islamabad and Rawalpindi commenced the week with a moderate greenback at Rs 54.30 (buying) as compared to same rate last week. Dollar was sold at Rs 54.35 as compared to last Saturday's same rate of Rs 54.35.

The money changers were of the view that the market opened on a moderate note as sellers outnumbered buyers in the morning session. Major buyers appeared to be out of the ring for a while and the market managed to close in the positive territory. The overall volume expanded in the second session with active trading in star currencies like pound, dirham and riyal.

They said that the sellers dominated the changing hand activity in both the morning and evening sessions. However, any participation of buyers and margin hunters will help the rupee to gain strength in the local kerb.

The pound resumed trading at Rs 87.60 (buying) as compared to previous rate at Rs 87. Pound sterling moved between Rs 87.60 and Rs 87.70 and was sold at Rs 88. The change in the value of pound was due to its fluctuation in the international market.

UAE dirham was bought and sold at Rs 14.73 and Rs 14.76 respectively, Saudi riyal started the day at Rs 14.50 as compared to previous rate of Rs 14.48. Riyal remained higher in the kerb and was sold at Rs 14.53.

German mark soared by 35 paisa as it resumed trading at Rs 27.75 as compared to last week's rate of Rs 27.40. Mark moved in a tight band and was sold at Rs 28.

Japanese yen was bought and sold at Re 0.49 and Re 0.50 throughout the day.