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ISLAMABAD

The US dollar was up by 5 paisa against the rupee in the money markets of Islamabad and Rawalpindi on Thursday.

The markets started the day with a better greenback at Rs 53.95 as compared to previous value of Rs 53.90. The local currency remained stagnant in both the morning and evening sessions and dollar was sold at Rs 54.05 as compared to last rate of Rs 54.

Money changers were of the view that market resumed trading on a moderate note as only genuine buyers and sellers visited in the first session. Buyers outnumbered sellers in the evening session and market finally closed with the same trend.

They said that speculative forces and manipulators appeared to be out of the ring for a while. However, overall trade volume remained lower as compared to Wednesday's turnover due to the fluctuation in demand and supply factor in the kerb. The dollar showed slight improvement against the rupee as its demand increased in the twin cites.

Pound sterling slightly lost value against the rupee as it resumed trading at Rs 88.60 as compared to the overnight value of Rs 88.75. The value of pound remained the same by the end of the second session.

UAE dirham was bought at Rs 14.67 and sellers were offering three paisa more at Rs 14.70. Saudi riyal opened at Rs 14.35 and was sold at Rs 14.38. Both these currencies remained active with slightly better volume.

German mark remained pegged to its Wednesday's level as it opened at Rs 28.40 and was sold at Rs 28.70.

Brisk trading was witnessed in Rawalpindi market as traders remained busy in buying and selling of star currencies like greenback, pound, dirham and riyal.

Dollar and pound were bought and sold at the same rate of Islamabad, city dealers said.