20000304ISLAMABAD

The rupee showed slight improvement against the dollar in the money markets of Islamabad and Rawalpindi on Friday.

The markets of Islamabad and Rawalpindi opened with a weaker greenback at Rs 54.20 as compared to previous rate of Rs 54.22. Dollar was sold at Rs 54.25 as compared to Thursday's rate of Rs 54.28.

Currency dealers said that market started the day on a sluggish note as major buyers and profit seekers remained out of the ring in the morning session. The trade volume slightly improved in the evening session following fresh deals in greenback and pound sterling and market managed to close on a moderate note.

They said that rupee managed to portray firm position for the last many days as various positive developments on the economic front has stabilized the local currency in the kerb.

Dirham, riyal and European currencies moved in a tight band with thin turnover on the second last trading day. However, genuine buying and selling is anticipated on Saturday.

Pound sterling was bought and sold at Rs 86.10 and Rs 86.40 respectively. The fluctuation of pound in the international market finally affected its value in the local kerb.

UAE dirham opened at Rs 14.81 and sellers offered 3 paisa more at Rs 14.84, Saudi riyal opened at Rs 14.48 and was finally sold at Rs 14.84.

German mark was bought and sold at Rs 26.80 and Rs 27.10 respectively.

Japanese currency resumed trading at Re 0.503 and was finally sold at Re 0.504.

Rawalpindi currency market opened on a dull note and remained in minus zone throughout the day. US dollar and other currencies showed lackluster activity with thin volume in both morning and evening sessions, city dealers said.

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