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ISLAMABAD

Absence of genuine buyers in the money markets of twin cities helped the rupee hold ground against the dollar which showed little improvement on Friday.

Both the markets started the day with a stagnant greenback at Rs 54.10 as compared to the same rate of Thursday. Sellers were ready to offload their positions at Rs 54.15 as compared to same overnight value.

Money changers stated that markets resumed trading on a depressed note as genuine buyers and sellers appeared to be out of the ring for a while. No body was ready to take fresh positions in dollar and other currencies and market finally closed on a negative note.

They said that the rupee continued to show stable position in the kerb due to overall encouraging environment on both economic and political fronts.

A leading currency dealer was of the view that some of the major players diverted to stock exchanges on the anticipation of bull run and positive rallies. The confirmation of US President Bill Clinton's visit to Pakistan encouraged all type of players to invest in capital market.

Pound sterling was bought and sold at Rs 86.10 and Rs 86.40, respectively. British currency managed to stay around Rs 86.10 and Rs 86.20 with thin volume.

UAE dirham was opened at Rs 14.80 and was sold at Rs 14.83. Saudi currency opened at Rs 14.47 (buying) and was sold at Rs 14.50.

Japanese yen was bought and sold at Re 0.506 and Re 0.503. It portrayed a dull picture in both morning-evening sessions.

German mark did not show any major fluctuation as it started the day at Rs 26.60 as compared to same overnight value. It remained active in both sessions and was sold at Rs 27.