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ISLAMABAD

The rupee surged by eight paisa against the dollar in the money markets of twin cities on Monday.

The markets of Islamabad and Rawalpindi commenced the week with a weaker greenback at Rs 54 as compared to last Saturday's rate of Rs 54.08. Dollar was sold at Rs 54.10 as compared to previous rate of Rs 54.13.

Dealer said that genuine buyers and sellers of dollars remained active in the first session. The overall volume expanded in the evening session and market finally closed on a stable note.

They said that the rupee continued its upward journey in the kerb as motivating factors on economic front and participation of major sellers changed the scenario on currency markets.

Pound sterling was bought and sold at Rs 85.75 and Rs 86.20 respectively. British currency moved within the range of Rs 85.75 and Rs 85.85 with moderate volume.

The buyers of UAE dirham offered Rs 14.77 in both morning-evening sessions and sellers were ready to offload their position at Rs 14.80. Saudi riyal moved between Rs 14.40 (buying) and Rs 14.44 (selling). Sellers of Saudi currency outnumbered buyers on the first trading day of the week.

German mark opened at Rs 26.80 and was finally sold at Rs 27.10 in the kerb.

Rawalpindi market moved in a tight band with moderate turnover in dollar and other currencies. The market opened on a positive note following participation of margin hunters and genuine buyers in the first session. The trade volume contracted in the evening session and market finally closed on a dull note, city dealers stated.

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