June 2, 2002	Sunday	Rabi-ul-Awwal 20,1423

KARACHI, June 1: The US dollar gained five paisa more against the US dollar in the kerb market on Saturday on panic buying triggered by reports that the US and the UK had allowed voluntary return of their citizens from India before India and Pakistan go into war.

The Forex Association of Pakistan said the greenback closed at Rs60.55/Rs60.65 for spot buying and selling against the previous close of Rs60.50/Rs60.55. But a leading money changer said the dollar had shot up to Rs60.70/Rs60.75.

“There was some panic buying in the market that pushed the US dollar up to Rs60.75,” said Anwar Jamal of Galaxy International.

Bankers said the dollar oscillated between Rs60.14/Rs60.17 for spot selling throughout the day showing no major change over the previous close. Saturdays are normally lean days in the inter -bank market with little activity on foreign exchange counter due to closure of international currency market.