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ISLAMABAD

The rupee showed an improvement of eight paisa against the dollar in Islamabad and Rawalpindi on Monday.

Both the markets commenced the week with a weaker greenback at Rs 54.12 as compared to last rate of Rs 54.20. It was sold at Rs 54.18 as compared to last week rate at Rs 54.25.

Dealers stated that the kerb markets started the day on a sluggish note as buyers and sellers of greenback appeared to be out of the arena for a while. The market remained in minus territory throughout the day and finally closed on a depressed note.

They said that absence of major buyers from the kerb and at the same time fresh supply of greenback resulted in a better rupee with moderate volume. The firm position of the local currency encouraged the margin hunters and manipulators to take new positions to book profits.

Other currencies like pound, dirham and riyal moved in a tight band with thin volume, they added.

British currency opened at previous value of Rs 86 and was sold at Rs 86.40. Pound sterling moved between Rs 86 and Rs 86.10 with moderate volume.

UAE dirham was bought and sold at Rs 14.80 and Rs 14.84, respectively, Saudi riyal resumed trading at Rs 14.48 and sellers offered four paisa more at Rs 14.52.

German mark started the day at Rs 26.80 (buying) and was sold at Rs 27.10 in the local kerb.

Japanese currency opened at Re 0.503 as compared to Saturday's rate of Re 052. Yen remained lower in the local kerb and was sold at Re 0.506 as compared to previous rate of Re 0.53.