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ISLAMABAD

The rupee remained stagnant against the dollar in the Islamabad and Rawalpindi markets on Thursday.

The markets started the day with a weaker greenback at Rs 54.10 as compared to Wednesday's rate. The dollar was sold at Rs 54.15 as compared to previous Rs 54.20.

Dealers stated that markets resumed trading on a comparatively healthy note as genuine buyers and seller participated in the first session. The market remained in plus territory throughout the day and managed to close on a firm note.

They said that forthcoming visit of President Clinton to Pakistan and other motivating factors helped the rupee gain strength. Manipulators failed to create any shortage of the greenback in the money markets.

Pound sterling opened at Rs 86 (buying) as compared to same overnight value. It moved within the range of Rs 86 and Rs 86.10 and was sold at Rs 86.30.

UAE dirham was bought at Rs 14.80 while sellers offered three paisa more at Rs 14.83. Saudi riyal opened at Rs 14.47 (buying) and was sold at Rs 14.50.

Japanese yen opened at Re 0.506 as compared to Wednesday's rate of Re 0.503. It remained active throughout the day and was sold at Re 0.508 as compared to last rate of Re 0.505.

German mark was bought and sold at Rs 26.60 and Rs 27 respectively. It remained higher in the kerb with expansion in overall volume.