20000302

ISLAMABAD

The rupee was surged by 10 paisa against the dollar in the kerb markets of Islamabad and Rawalpindi on Wednesday.

The markets of twin cities started the day with a weaker dollar at Rs 54.20 as compared to overnight value of Rs 54.30. The dollar was sold at Rs 54.25 as compared to Tuesday's rate of Rs 54.35.

The market resumed trading on a firm note due to the brisk buying and selling in the first session. The overall turnover slightly contracted in the evening session and market finally closed on a moderate note.

Fresh supply of the dollar helped the local currency to gain strength and the rupee managed to show its firm position for the last many days due to some positive news on the economic front.

The pound sterling was minus by 75 paisa as it opened at Rs 86.25 as compared to overnight value of Rs 87. It moved within the range of Rs 86.25 and Rs 86.35 and was sold at Rs 86.70.

The stronger position of the dollar against the euro and yen in the international market ultimately affected the value of the pound in Asian markets including Pakistan, dealers said.

The UAE dirham opened at Rs 14.80 as compared to last rate of Rs 14.82. The dirham remained active throughout the day and was sold at Rs 14.84.

Saudi currency was bought and sold at Rs 14.46 and Rs 50 respectively.

The German mark soared by 10 paisa as it opened at Rs 26.90 as compared to Tuesday's rate of Rs 27. It remained higher in the kerb and was sold at Rs 27.10.

Japanese yen was bought and sold at Re 0.49 and was sold at Re 0.50 respectively.

Rawaplindi market opened on a healthy note and remained in plus territory throughout the day. The dollar and pound were bought and sold at the same rate of Islamabad, city dealers said.