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ISLAMABAD

The US dollar surged by five paisa against the rupee in the money markets of Islamabad and Rawalpindi on Wednesday.

The markets resumed trading with a comparatively stronger greenback with dealers offering Rs 54.25 a dollar as compared to overnight value of Rs 54.20. It was sold at Rs 54.32 as compared to Tuesday's rate of Rs 54.25.

Dealers stated that market started the day on a moderate note following slight shortage of American unit in the first session. Demand for greenback further increased in the evening session and market closed on a better note.

Buyers outnumbered sellers in the local kerb that ultimately helped the dollar to gain strength during the day. Normal business activity was witnessed in the currency markets of twin cites with participation of genuine traders and margin hunters. However, overall turnover remained higher in the second session as compared to trade volume of morning session.

The other star currencies like pound, dirham and riyal witnessed moderate activity throughout the day, they added.

Pound sterling was plus by 35 paisa as it opened at Rs 86.85 as compared to last value of Rs 86.50. British currency moved within the range of Rs 86.85 and Rs 86.95 and was finally sold at Rs 87.20. The slight change in the value of pound was due to its fluctuation in the international market.

UAE dirham resumed trading at Rs 14.81 and sellers offered 3 paisa more at Rs 14.84, Saudi currency was bought and sold at Rs 14.48 and Rs 14.52.

German mark moved in a narrow band as it started the day at Rs 27.20 and was sold at Rs 27.40.

Japanese currency was bought and sold at Re 0.494 and Re 0.497 by the end of the day.