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ISLAMABAD

The rupee remained firm against dollar in the money markets of Islamabad and Rawalpindi on Wednesday.

The markets of Islamabad and Rawalpindi resumed trading with a weaker greenback which was available at the same overnight rate of Rs 54.10. Dollar was sold at Rs 54.15 as compared to previous rate of Rs 54.20.

Currency dealers stated that markets started the day on a better note as genuine buyers and sellers appeared to be interested in the trading of greenback in the first session. The overall volume contracted in the second session and market managed to close on a healthy note.

Money changers pointed out three major factors contributing to the current upward journey of the rupee against the dollar. Absence of major buyers for the last few days resulted in a comparatively stronger rupee in the kerb. Secondly, motivating factors on the economic and political fronts also helped the local currency. They further said that absence of speculators and fresh supply of dollar also contributed to this situation.

However overall turnover of pound, dirham and riyal expanded in the second session with better volume, they added.

Pound sterling slightly recovered as it opened at Rs 86 (buying) as compared to overnight value of Rs 85.70. British currency moved between Rs 86 and Rs 86.10 and was sold at Rs 86.30.

UAE dirham was bought and sold at Rs 14.80 and Rs 14.83 respectively. Saudi riyal opened at Rs 14.48 and sellers offered 2 paisa more at Rs 14.50.

Japanese yen opened at Re 0.503 and was sold at Re 0.505.

German mark opened at Rs 26.65 as compared to last rate of Rs 26.60. Mark remained active in both morning-evening sessions and was sold at Rs 27.10.