20000226ISLAMABAD

The rupee showed slight improvement against the dollar in the money markets of Islamabad and Rawalpindi on Friday.

The market started the day with a weaker greenback at Rs 54.27 as compared to overnight value of Rs 54.30. Dollar was sold at Rs 54.32 as compared to Thursday's rate of Rs 54.35.

The money changers were of the view that Islamabad market opened on a comparatively dull note due to less activity in the first session. The trade volume slightly expanded in the evening session and the market finally closed on a moderate note.

They said that the market moved in a narrow band following absence of genuine buyers and sellers from the local kerb. However, the overall turnover of other hot favourite currencies like pound, dirham and riyal also considerably contracted by the end of second session.

The shortage of local currency in the markets of Islamabad and Rawalpindi resulted in a comparatively better rupee against the US dollar they added.

Pound sterling resumed trading at Rs 87 as compared to same overnight value. It moved within the range of Rs 87 and Rs 87.10 and was finally sold at Rs 87.50.

UAE dirham started the day at Rs 14.82 (buying) and sold at Rs 14.84, Saudi riyal was bought and sold at Rs 14.48 and Rs 14.52 respectively.

German mark surged by 35 paisa against the rupee as it resumed trading at Rs 27.55 as compared to last rate of Rs 27.20. Mark moved in a tight band and was sold at Rs 27.85 as compared to Thursday's rate of Rs 28.

Japanese yen opened at Re 0.48 and was finally sold at Re 0.49.

Rawalpindi market remained dull in both the morning and evening sessions. The market opened on a sluggish note following absence of major buyers and profit-seekers in the kerb. The market remained in negative column throughout the day and finally closed lower, city dealers said.

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