20000203ISLAMABAD

The dollar continued its upward journey against the rupee in the local kerb of twin cities on Wednesday.

The Islamabad market resumed trading with a comparatively stronger greenback at Rs 54.02 as compared to Tuesday's rate of Rs 54. The rupee remained firm in both morning and evening sessions and was sold at Rs 54.10 as compared to overnight value of Rs 54.05.

Dealers said that the market started the day with active buying and selling in star currencies like greenback, pound, dirham and riyal. The participation of genuine buyers and margin-hunters resulted in slight shortage of dollar in the kerb. The overall volume contracted in the second session and market finally closed on a moderate note.

They said that manipulators and market players preferred to remain at the sidelines because of less profit margin. However, most of the traders remained busy in watching cricket match between Pakistan and Australia in the evening session.

Pound sterling was minus by 30 paisa as it opened at Rs 87.35 as compared to last rate of Rs 87.65. British currency moved within the range of Rs 87.35 and Rs 87.45 and was sold at Rs 87.55.

Buyers of UAE dirham offered overnight value at Rs 14.76 and sellers were ready to offload their positions at Rs 14.80, Saudi riyal started the day at Rs 14.43 and sellers offered 4 paisa more at Rs 14.47.

German mark was bought and sold at Rs 26.90 and Rs 27.10 respectively throughout the day with expansion in trade volume.

Following fluctuation in the international market, Japanese currency opened at Re 0.49 as compared to previous rate of Re 0.50. Yen moved in a tight band and was sold at Re 0.50.

The sentiment of the Rawalpindi market slightly improved during the day. The market opened on a healthy note and remained in positive territory by the end of evening session.

Dollar was bought and sold at Rs 54.05 and Rs 54.10 respectively, while pound opened at Rs 87.50 and was sold at Rs 87.70 in the city market, dealers said.