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ISLAMABAD

The dollar surged by five paisa against the rupee in the currency exchange establishments of Islamabad and Rawalpindi on Thursday.

The markets of twin cities resumed trading with a stronger greenback at Rs 53.95 as compared to Wednesday's rate of Rs 53.90. The local currency remained glued to its morning levels and dollar was sold at Rs 54.05.

Islamabad dealers said that market started the day with positive sentiment due to the active trading in almost all the star currencies in the first session. The market remained in plus territory throughout the day and finally closed with improvement in overall turnover.

They said that current bullish rally at the stock exchanges attracted a number of players from currency markets to bourse's activity. If the stock market showed any negative signs in core scrips, the speculative forces of money markets will return to their normal business of currency exchange.

Following change in the international market, pound sterling soared by half a rupee as it opened at Rs 88.80 and was sold at Rs 89. The British currency did not observe significant change by the end of second session and showed improvement in the trade volume.

German mark started the day at Rs 27.90 and was sold at Rs 28. Mark remained active in both morning-evening sessions with expansion in trade volume.

UAE dirham opened at Rs 14.73 and was sold at Rs 14.76, Saudi currency resumed trading at Rs 14.39 and was sold at Rs 14.76. Both these currencies showed moderate volume as compared to Wednesday's activity, dealers maintained.

Japanese yen was bought and sold at Re 0.501 and Re 0.513 respectively.

Rawalpindi money market opened on a moderate note with buying and selling in dollar, pound, dirham and riyal. The market moved in a tight band and was closed lower, city dealers said.

Dollar and pound were bought and sold at the same rate of Islamabad.