20000209ISLAMABAD

The buying and selling rates of the dollar against the rupee remained unchanged on the currency exchange establishments of Islamabad and Rawalpindi on Tuesday.

The market opened with a stagnant greenback at Rs 54.10 against the same overnight value. The rupee did not observe any change throughout the second session and was Rs 54.15 for a dollar.

Dealers stated that markets of twin cities resumed trading on a steady note due to active participation of genuine buyers and sellers in the morning session. The trade volume contracted in the second session and the market finally closed on a moderate note.

They said that demand for the greenback considerably decreased in the markets of Islamabad and Rawalpindi with thin turnover in both morning and evening sessions. Absence of major sellers and speculators from the markets resulted in a comparatively better rupee against the American currency, they added.

Money changers also said that other currencies such as pound, riyal and dirham moved in a narrow band with a moderate volume.

British currency recovered against the rupee as it started the day at Rs 87 as compared with Monday's rate at Rs 86.40. The Pound sterling fluctuated between the range of Rs 87 and Rs 87.10 and was Rs 87.40 for a pound.

Following fluctuation in international market, Japanese currency opened lower at Re 0.493 as compared with Monday's rate at Re 0.501. It moved in a tight band and was sold at Re 0.495 as compared to overnight value of Re 0.503.

Buyers of the UAE dirham offered overnight value at Rs 14.78. Sellers were ready to offload their positions at four paisa more at Rs 14.82. The Saudi currency was bought and sold at Rs 14.45 and Rs 14.48 respectively.

German mark resumed trading (buying) at Rs 27.15 and was finally sold at Rs 27.35.

The Rawalpindi market continued to portray a dull picture throughout the day with contraction in overall turnover.

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