20000405ISLAMABAD

The dollar soared by two paisa against the rupee in the currency exchange establishments of the twin cities amid sluggish activity on Tuesday.

The markets of Islamabad and Rawalpindi resumed trading with a better greenback at Rs 54.15 as compared to overnight value of Rs 54.13. Dollar was sold at Rs 54.20 as compared to Monday's rate of Rs 54.15.

The money changers said that the markets started the day on a moderate note as only genuine buyers and sellers visited the local kerb in the morning session. The overall turnover slightly contracted in the evening session and market finally closed on a weak note.

Following the arrival of an IMF team in Islamabad, the leading manipulators and speculative forces preferred to remain at the sidelines and adopted wait-and-see policy for a while, they said. Major players of the currency markets are looking forward to the outcome of negotiations between the IMF mission and the government.

Pound sterling slightly gain strength in the kerb as it opened at Rs 86.70 as compared to previous rate of Rs 86.40. It moved within the band of Rs 86.70 and Rs 86.75 and was sold at Rs 87.20. Pound remained higher against the dollar in the international market, which ultimately strengthened its position in the local currency markets.

The buyers of the UAE dirham offered overnight value at Rs 14.80 (buying) and the sellers were ready to square their positions at Rs 14.82. Saudi riyal started the day at Rs 14.46 (buying) and sellers offered Rs 14.48.

Japanese yen was traded between Re 0.516 and Re 0.52 in both morning-evening sessions as the buyers took fresh positions at the former rate and sellers offered the later rate.

German mark shed 10 paisa against the local currency as it resumed trading at Rs 26.40 as compared to last rate of Rs 26.50. Mark remained lower in the kerb and was sold at Rs 26.60.