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ISLAMABAD

The rupee soared by five paisa against the US dollar in the currency exchange establishments of Islamabad-Rawalpindi on Tuesday.

The market commenced the week with a comparatively weaker greenback at Rs 53.85 as compared to last value of Rs 53.90. The rupee remained glued to its morning levels and dollar was sold at Rs 54 as compared to the same previous rate.

Money changers were of the view that the market opened on a moderate note following participation of genuine buyers and sellers in the first session. The sentiment slightly got depressed by the end of the second session and market finally closed lower.

They said demand and supply factor did not affect the value of ever-favourite greenback much against the local currency in both the morning and evening sessions.

After Eid holidays, Tuesday being the first trading day of the week did not witness much activity with moderate volume in hot favourites like greenback, pound, dirham and riyal. However, the market will regain its tempo with the participation of major players and genuine traders in the coming sessions.

Following change in the international market, pound sterling started the day at Rs 88 as compared to last week's rate of Rs 88.25. The pound moved in a narrow band by the time traders called it a day and was sold at Rs 88.30. Pound 25 paisa down with expansion of overall turnover in the local kerb.

Japanese yen resumed trading at Re 0.505 as compared to previous rate at Re 0.516. Demand of yen decreased due to absence of major buyers and sellers and was sold at Re 0.51 as compared to last Friday's rate of Re 0.518.

The demand of UAE dirham increased with the expansion in trade volume during the day. Dirham opened at Rs 14.67 as compared to same last rate. The dirham remained active throughout the day and was sold at Rs 14.73.

Saudi riyal started the day at Rs 14.32 and was sold at Rs 14.36. It did not observe significant fluctuation throughout the day with contraction in turnover by the end of the second session.

German mark was down by 15 paisa in its value as it resumed trading at Rs 28.15 as compared to Friday's rate of Rs 28.30. The overall turnover of the mark remained thin in both the sessions and was sold at Rs 28.35 as compared to last rate of Rs 28.50.