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ISLAMABAD

The buying and selling rates of US dollar remained unchanged in the currency exchange establishments of the twin cities on Thursday.

The local currency appeared to be stagnant against the American unit for the last many days due to moderate activity in the local kerb.

The markets of Islamabad and Rawalpindi started the day with a firm greenback at Rs 54.30 as compared to same previous rate. The dollar was sold at Rs 54.35 as compared to the same Wednesday's rate.

The money changers were of the view that the market resumed trading on a sluggish note following absence of major buyers and margin hunters in the morning session. The trade volume slightly expanded in the evening session and the market finally closed on a moderate note.

They said that balanced demand and supply factor resulted in a better rupee in the local kerb. The overall turnover of the currencies - pound, dirham and riyal remained lower in both morning and evening sessions. However, a few profit-seekers took new positions in the European currencies.

The pound was down by 50 paisa as it started the day at Rs 87 (buying) as compared to Wednesday's rate of Rs 87.50. Pound sterling moved between Rs 87 and Rs 87.10 and was finally sold at Rs 87.50.

UAE dirham was bought and sold at Rs 14.82 and Rs 14.84 respectively, Saudi riyal opened at Rs 14.48 and sellers offered four paisa more at Rs 14.52.

Japanese yen was bought at Re 0.48 and was sold at Re 0.49.

German mark shed 20 paisa against the rupee as it opened at Rs 27.70 against the overnight value of Rs 27.90. Mark remained lower in the kerb and was sold at Rs 28.