20000104

ISLAMABAD

The rupee soared by 5 paisa against the US dollar in the open currency markets of Islamabad and Rawalpindi on Monday.

The first trading session of the new century witnessed heavy buying in the star currencies like greenback, pound, dirham and riyal.

The market commenced the week with a weaker greenback at Rs 53.75 as compared to last rate of Rs 53.80. The rupee remained pegged to its morning levels and dollar was sold at Rs 53.85 as compared to previous rate of Rs 53.90.

Dealers were of the view that market opened on a positive note due to active participation of buyers and sellers in the first session. The sentiment of the market remained healthy throughout the day and market finally closed on a stable note.

They said that the rupee continued to show steadier trend in the local kerb with expansion in trade volume. The shortage of local currency finally resulted in a better rupee against the American currency.

Money changers of Islamabad termed the Monday's activity as genuine and healthy trading on the first trading of the new millennium.

Following change in the international market, pound sterling resumed trading at Rs 86.80 as compared to last rate of Rs 87. British currency moved within the range of Rs 86.80 and Rs 86.90 and was sold at Rs 87.10. A number of buyers of pound also visited the market during the day.

UAE dirham started the day at Rs 14.65 as compared to previous rate of Rs 14.68. Dirham remained stable by the end of second session and was sold at Rs 14.70.

Saudi riyal commenced the week at Rs 14.30 against last rate of Rs14.44. The overall turnover of Saudi currency expanded in both morning-evening sessions and riyal was sold at Rs 14.34 as compared to Saturday's rate of Rs 14.48.

The change in the value of UAE dirham ultimately affected the value of riyal in the local kerb.

German mark remained glued to its previous levels as it resumed trading at Rs 27.80 as compared to same last rate. Mark remained higher in the money markets of Islamabad and Rawalpindi and was sold at Rs 28.10.

The overall turnover of Rawalpindi currency exchange establishments expanded during the day as City traders appeared to be back in ring after break of several sessions. The City market opened on a firm note and remained in plus territory throughout the day.

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