20000106ISLAMABAD

The US dollar managed to gain strength against the rupee in the money markets of two cities.

Islamabad and Rawalpindi markets started the day with a better greenback at Rs 53.75 as compared to overnight value of Rs 53.70. The value of rupee remained stable till the end of evening session and dollar was sold at Rs 53.85.

Dealers stated that market resumed trading on a stable note following selling pressure in ever-favourite greenback and other star currencies. The overall turnover slightly expanded in the second session and market finally closed with positive sentiment.

They said that balanced demand and supply factor resulted in the recovery of American unit in the local kerb. However, different motivating news on the economic front has helped the local currency to portray a bright picture in the local markets.

Sellers dominated the trading activity in both the sessions as a number of overseas Pakistanis remained busy in trading in view of coming Eid-ul-Fitr holidays, they added.

Pound sterling opened at Rs 87.70 as compared to last rate of Rs 87.40. British currency moved within the range of Rs 87.70 and Rs 87.80 and was sold at Rs 88.

Following shortage of UAE dirham in the local kerb, dirham resumed trading at Rs 14.60 as the previous rate. The demand of UAE currency remained higher in both morning-evening sessions and was sold at Rs 14.65.

Saudi riyal opened at Rs 14.25 and sold at Rs 14.30 by the end of the day.

Japanese currency moved in a tight band as it opened at Re 0.516 and sellers were offering at Re 0.518.

German mark soared by 10 paisa as it resumed trading at Rs 28.20 as compared to Tuesday's value of Rs 28.10. Mark remained active throughout the day and was sold at Rs 28.40.

The trade volume of Rawalpindi currency market improved due to trading in ever-favourite greenback and other European currencies.

The city market opened on a better note and remained in positive territory throughout the day, dealers said.