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ISLAMABAD

The rupee showed an increase of five paisa against the dollar in the kerb markets of Islamabad and Rawalpindi on Tuesday.

The markets of the twin cites started the day with a weaker dollar at Rs 53.95 as compared to overnight value of Rs 54. The dollar was sold at Rs 54.05 as compared to Monday's rate of Rs 54.10.

Following participation of genuine sellers, markets resumed trading on a plus note in the morning session and closed on a moderate note.

Balanced demand and supply factor and firmness of the rupee for the last many days resulted in a better rupee against the dollar.

Market analyst said there is no fear of devaluation of the rupee in the coming weeks as encouraging factors on the economic front and smooth supply of the dollar justify the upward trend of the rupee. The rupee may gain further strength in near future.

The Pound sterling was minus by 75 paisa in its value as it resumed trading at Rs 85 as compared to Monday's rate of Rs 85.75. It moved between Rs 85 and Rs 85.10 and was sold at Rs 85.85. The pound was constantly losing value against the dollar in the international market.

The UAE dirham opened at Rs 14.77 (buying) as compared to same last rate. The dirham remained active throughout the day and was sold at Rs 14.80. The Saudi riyal was bought and sold at Rs 14.48 and Rs 14.52 respectively.

The German mark was down by 20 paisa as it started the day at Rs 26.60 as compared to previous rate of Rs 26.80. It remained higher in the kerb and was sold at Rs 14.52.

The Japanese yen was bought at Re 0.508 and sellers offered Re 0.509 in the local kerb.