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ISLAMABAD

The dollar surged by five paisa against the rupee in the kerb markets of Islamabad and Rawalpindi on Thursday.

The markets resumed trading with a better dollar at Rs 54.15 as compared to overnight value of Rs 54.10. It did not show any significant fluctuation by the end of the day and the dollar was sold at Rs 54.25.

The market started the day on a moderate note due to the participation of margin hunters and genuine buyers in the first session.

The trade volume expanded in the evening session and market managed to close on a stable note.

Traders said increasing demand of the dollar resulted in its shortage in the market.

Fresh supply of the dollar in coming sessions may help recover the rupee.

Money changers said other currencies like pound, dirham, riyal and mark remained higher with better turnover. Genuine buyers and sellers appeared to be active in trading of different currencies throughout the day.

The pound sterling opened at Rs 87.60 as compared to previous rate at Rs 87.30. While moving within the range of Rs 87.60 and Rs 87.70 and was finally sold at Rs 87.90.

UAE dirham was bought and sold at Rs 14.78 and Rs 14.82 respectively. It moved within the range of Rs 14.45 to Rs 14.48 during the day.

German mark soared by 35 paisa as it opened at Rs 27.50 as compared to Wednesday's rate of Rs 27.15. The mark remained active in both morning and evening sessions and was sold at Rs 27.80 by the end of the day.

The yen was bought and sold at Re 0.497 and Re 0.499. Yen remained active in both sessions with expansion in volume.