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ISLAMABAD

The rupee slightly recovered against the dollar in the open currency markets of Islamabad and Rawalpindi on Thursday.

The market opened with a weaker greenback at Rs 54 as compared to Wednesday's Rs 54.03. The rupee remained pegged and sellers were ready to offload at Rs 54.05.

Dealers were of the view that the market opened on a stable note as overall volume appeared to be on the higher side in the first session. The sentiment remained positive throughout the day and the market closed on a better note.

They said that major currencies like greenback, pound, UAE dirham and riyal remained active in both sessions. The participation of margin hunters and genuine buyers in the evening session kept the money changers busy.

Pound sterling resumed trading at Rs 88.70 as compared to Wednesday's Rs 88.90. It moved within the range of Rs 88.70 and Rs 88.80 and sellers offered 40 paisa more at Rs 89.10.

UAE dirham was bought and sold at Rs 14.75 and Rs 14.78 respectively, Saudi currency opened at Rs 14.42 and sellers offered four paisa more at Rs 14.46.

The buyers of German mark started the day with an offer of 10 paisa more at Rs 27.80 as compared to overnight value of Rs 27.70. Its demand increased in the second session and was sold at Rs 28.

The buying and selling rates of Japanese currency remained Re at 0.50 and Re 0.51 respectively.

Rawalpindi market continued to show lackluster activity in both sessions with contraction in the overall turnover. The market opened on a sluggish note due to less demand of the greenback and other currencies.

The negative sentiment continued throughout the day and the market closed lower, dealers said.

The dollar and pound were bought and sold as that of Islamabad rates amid thin volume.