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ISLAMABAD

The dollar soared by five paisa against the rupee in the kerb markets of Islamabad and Rawalpindi on Thursday.

The markets resumed trading with a comparatively better dollar at Rs 54 as compared to overnight value of Rs 53.95. It was sold at Rs 54.10 as compared to Wednesday's rate of Rs 54.05.

The Islamabad market started the day on a healthy note but the overall volume considerably decreased in the evening session and market finally closed on a depressed note.

They dealers said margin hunters booked fresh deals in the dollar and other star currencies. The markets witnessed buying spree in the first session because of the forthcoming Eid-ul-Azha holidays. However, staff working in the kerb markets closed their shops in the afternoon and only few shops remained open by the end of the day.

Speculative forces of the money markets adopted wait-and-see policy as overall turnover in other currencies like the pound, dirham and riyal also portrayed a dull picture throughout the day, they added.

The pound sterling was bought and sold, at Rs 85.20 and Rs 85.70 respectively. It did not observe any change in both the sessions with moderate volume.

The UAE dirham resumed trading at Rs 14.78 and sellers offered three paisa more at Rs 14.81. Buyers of the Saudi riyal offered it at the overnight value of Rs 14.48 and was sold at Rs 14.82.

The Rawalpindi currency exchange establishments moved in a narrow band as major buyers and sellers preferred to remain at the sidelines. The sentiment of the market remained negative in both morning and evening sessions, and market finally closed lower, city dealers said.

The dollar and pound were bought and sold at the same rates of Islamabad.