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ISLAMABAD

The rupee gained strength against the dollar in the money markets of twin cities on Saturday.

The markets of Islamabad and Rawalpindi resumed trading with a weaker greenback at Rs 54.08 as compared to Friday's level of Rs 54.10. Sellers offered five paisa more at Rs 54.13 as compared to previous Rs 54.15.

Currency dealers said that markets started the day on a comparatively better note as fresh deals expanded the volume in the first session. The market remained positive throughout the day and closed on a firm note.

The losses at the stock exchanges forced major players to return back to the money business, dealers said. While on the other hand absence of major buyers of the dollar also helped the rupee gain strength in the kerb.

Dealers said the manipulators have adopted the wait and see policy and watching the current political situation and economic developments.

The overall sentiment of genuine sellers is increasing as they preferred to offload their positions at the available margins, they added.

Following the fluctuations in the international market, pound sterling opened at Rs 85.70 as compared to Friday's Rs 86.10. It moved between Rs 85.70 and Rs 87.80 and was sold at Rs 86.10 in the kerb.

Commenting on the current downward journey of pound, dealers said that its weakness against the dollar has ultimately effected its value in the kerb.

UAE dirham resumed trading at Rs 14.79 as compared to last rate of Rs 14.80. Dirham remained higher in kerb and was sold at Rs 14.82. Saudi riyal shed three paisa as it opened at Rs 14.44 as compared to overnight value of Rs 14.47. The overall volume remained moderate and it was sold at Rs 14.48 as compared to last rate of Rs 14.50.

Japanese yen started the day at Re 0.503 as compared to Friday's rate of Re 0.506. It showed positive trend in both sessions and was sold at Re 0.60 as compared to previous Re 0.509.

German mark gained 15 paisa as it resumed trading at Rs 26.75 as compared to last Rs 26.60. It moved in a tight band and was sold at Rs 27 as compared to same previous rate.