20000326ISLAMABAD

The currency markets of Islamabad and Rawalpindi portrayed a dull picture on Saturday.

The markets resumed trading with a weaker greenback at Rs 54.13 as compared to overnight value of Rs 54.15. The dollar was sold at Rs 54.20 as compared to Friday's rate of Rs 54.15.

Dealers said that markets of twin cities started the day on a depressed note following absence of genuine buyers and sellers in the first session. The markets remained in minus territory throughout the day and closed on a negative note.

They said that not even a single buyer or sellers of the greenback visited the kerb on the last trading day of the week. The overall turnover of pound, dirham and riyal also considerably contracted in the kerb.

They anticipated the market will move up next weak with better turnover in all currencies.

A leading money changer said that strict security measures and traffic muddle on almost all major routes of Islamabad kept the traders and margin hunters away from the kerb. Most of the currency shops are in Blue Area, which was partially closed on Saturday. The extraordinary security measure paralysed local business activity as general traffic was allowed to enter Islamabad from only specific routes.

He said that a few deals were booked on phones but major players and profit seekers preferred to remain on the sidelines.

Pound sterling showed an improvement of 35 paisa as it started the day at Rs 86.50 as compared to last rate of Rs 86.15. It did not observe any significant change throughout the day and was sold at Rs 86.80.

UAE dirham was bought and sold at Rs 14.79 and Rs 14.82, Saudi riyal opened at Rs 14.45 and was sold at Rs 14.48.

Japanese yen opened at Re 0.507 (buying) and was sold at Re 0.509.

German mark was bought and sold at Rs 27.10 and Rs 27.30 in kerb.