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ISLAMABAD

The dollar showed improvement of 8 paisa against the rupee in the currency markets of twin cities on Wednesday.

The market resumed trading with a comparatively stronger greenback at Rs 54.03 as compared to overnight value of Rs 53.95. The rupee remained stagnant in both sessions and was sold at Rs 54.10 as compared to Tuesday's Rs 54.05.

Dealers said the market started the day on a stable note as genuine buyers and sellers visited the kerb in the first session. The demand of ever-favourite greenback increased by the end of the evening session and the market closed on a moderate note.

They said that shortage of the dollar pushed the dollar value up against the rupee. However, the expected balanced demand and supply position in coming sessions will definitely rebound the rupee.

Money changers anticipated that Tuesday's sentiment of the stocks exchanges will divert the investment flow into the money market and major players will take fresh positions in star currencies to book profits.

British currency shed 30 paisa as it resumed trading at Rs 88.90 as compared to last rate of Rs 89.20. The pound remained flat and was sold at Rs 89.20.

Japanese yen opened at Re 0.513 as compared to Tuesday's Re 0.512. It remained active in both sessions and was sold at Re 0.515.

The buying and selling rates of the UAE dirham were Rs 14.74 and Rs 14.78 respectively. Saudi riyal opened at Rs 14.42 and was sold at Rs 14.46.

German mark was bought and sold at Rs 27.70 and Rs 28 respectively.

Rawalpindi money market moved in a tight band with thin turnover. The market opened on a dull note following absence of major players and genuine investors in the first session. It continued to show lackluster activity throughout the day and was closed lower.

The dollar was sold as that of Islamabad rates, however, pound opened (buying) at Rs 89 and was sold at Rs 89.30.