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ISLAMABAD

Absence of buyers and sellers from the money markets of Islamabad and Rawalpindi contracted the overall turnover amid dull sentiment on Tuesday.

US dollar slightly improved against the rupee as it opened at Rs 54.12 as compared to overnight value of Rs 54.10. Dollar was sold at Rs 54.17 as compared to Monday's same rate.

The dealers said that the markets of Islamabad and Rawalpindi resumed trading on depressed note as genuine buyers and sellers appeared to be out of the ring for a while. The sentiment of the market remained dull throughout the day and market finally closed on a sluggish note.

They said that absence of major players and manipulators also contracted the trade volume in both morning-evening sessions. The pound, dirham and riyal also moved in a tight band as nobody was ready to take new positions at the present rates.

The demand of greenback considerably increased for the last two days which ultimately effected the value of rupee in the kerb, they added.

The pound soared by 10 paisa against the rupee as it resumed trading at Rs 85.25 as compared to last rate of Rs 85.15. The pound sterling remained pegged to its morning levels and was finally sold at Rs 85.50.

The buyers and sellers of UAE dirham offered Rs 14.78 and Rs 14.82 respectively. Saudi riyal opened at Rs 14.44 (buying) and was sold at Rs 14.48.

The German mark started the day at Rs 26.95 as compared to overnight value of Rs 26.90. Mark portrayed a dull picture throughout the day and was sold at Rs 27.10.

Japanese yen was bought and sold at Re 0.506 and Re 0.509 respectively.