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ISLAMABAD

The rupee remained stagnant against the dollar in the open currency markets of Islamabad and Rawalpindi on Saturday.

The market opened with a better greenback at Rs 53.95 as compared with the same rate of Friday. The value of the rupee remained stable in both morning-evening sessions and was sold at Rs 54.05.

Dealers said the market resumed trading with lackluster activity in the first session. The overall turnover further contracted in the evening session and the market finally closed on a dull note.

They said the demand of the ever-favourite greenback considerably decreased in the local kerb with thin volume. Extraordinary bullish trading in the stock exchanges has already diverted investment of the currency market to the bourses of the country.

A leading money changer of the Islamabad market was of the view that major players and manipulators are very much attracted to the present positive rallies at stock exchanges and this week huge amount of funds have been invested in blue chips to book profits. Naturally, margin hunters of local kerb will prefer to invest in lucrative stocks.

Pound sterling opened at Rs 89.10 as compared with the overnight value of Rs 89.30. The British currency moved between Rs 89.10 and Rs 89.20 and was sold at Rs 89.30.

Japanese currency opened at Re. 0.512 and was sold at Re. 0.514.

UAE dirham was bought and sold at Rs 14.72 and Rs 14.75 respectively, while Saudi riyal opened at Rs 14.38 and sellers offered four paisa more at Rs 14.42 by the end of the day.

German mark shed 15 paisa as it opened at Rs 27.85 as compared to Friday's rate of Rs 28. The mark remained lower in the kerb and was sold at Rs 28.

The Rawalpindi money market showed moderate buying and selling in hot favourite currencies such as dollar, pound, dirham and mark.

The market opened on a moderate note following participation of genuine investors in the first session. It moved in a tight band and was finally closed on a dull note, city dealers stated.