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ISLAMABAD

The rupee strengthened its position against the dollar in the currency exchange establishments of Islamabad and Rawalpindi on Monday.

Markets commenced the week with a weaker greenback at Rs 53.85 as compared with the last week's rate of Rs 53.90.

The demand and supply factor did not affect the value of the rupee by the end of the evening session and the dollar was sold at Rs 53.95 as compared with the previous rate of Rs 54.

The local currency ended slightly higher against the US currency with expansion in turnover. However, major players and speculators preferred to remain at the sidelines for a while.

Currency dealers stated that the market started the day on a positive note as buyers and sellers of twin cities traded greenback at five paisa less than the last Saturday's rate. The demand of ever-favourite greenback considerably decreased by the end of the day and the market finally closed on a moderate note.

Pound sterling showed a decrease of 20 paisa in its value as it resumed trading at Rs 88.10 as compared with last rate of Rs 88.30. The British currency moved within the range of Rs 88.10 and Rs 88.20 and sellers were offering 30 paisa more at Rs 88.40. The change in the value of the pound was due to its slight fluctuation in the volume of buyers and sellers, dealers mentioned.

The Japanese yen was bought and sold at Re 0.525 and Rs 0.527 throughout the day.

The UAE dirham remained glued to its last levels as it opened at Rs 14.69 and was sold at Rs 14.73. Saudi riyal opened at Rs 14.35 and was sold at Rs 14.38.

The German mark did not observe significant change against the local currency as it resumed trading at Rs 27.90 and was sold at Rs 28.30. The German currency opened lower but soon picked up momentum as demand on behalf of buyers increased the overall volume.

The Rawalpindi market showed positive trend with the participation of city buyers and sellers on the first trading day of the week.

The market remained in plus territory in both the sessions.