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ISLAMABAD

The currency markets of Islamabad and Rawalpindi portrayed a dull picture with contraction in the overall turnover on Friday.

A lull prevailed following absence of both buyers and sellers throughout the day. The dollar slightly recovered against the rupee as it opened at Rs 53.85 against overnight value of Rs 53.80. The rupee remained pegged Rs 53.95.

Money changers were of the view that almost half of the currency shops located in Islamabad were closed due to closure of State Bank of Pakistan. However, opened shops showed lacklustre activity as major players and genuine buyers remained at the sidelines for a while.

They said that change in demand and supply was evident from the shortage of the rupee in the kerb. Almost all the hot favourite currencies appeared to be inactive in the local kerb.

Pound sterling lost 20 paisa against the rupee as it resumed trading at Rs 86.80 as compared to last rate of Rs 87. It did not observe significant fluctuation by the end of evening session and was sold at Rs 87.20.

Japanese yen opened at Re 0.522 and was sold at Re 0.525. It remained sluggish with thin turnover by the end of second session.

German mark remained lower in the currency markets. It resumed trading at Rs 27.80 and was sold at Rs 28.

UAE dirham started the day at Rs 14.68 as compared to last rate of Rs 14.70. The volume contracted in the kerb and it was sold at Rs 14.72. Saudi riyal resumed trading at Rs 14.44 and was sold at Rs 14.48.

The Rawalpindi currency market remained inactive throughout the day following absence of speculative forces and margin hunters.

The sentiment further got depressed in the second session and the market closed on a negative note.

City traders said that currency shops of Rawalpindi were in fact closed on Friday as both morning and evening sessions witnessed lacklustre activity.