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FOREX KERB WATCH

Updated on 24th Apr, 2000

Comments: In the international market, the U.S. business market kept on fluctuating with a very powerful impact on the international market. The U.S. Dollar retained the supremacy against Euro, that has lost 1/5 of its value against the Dollar in the 15 month since 11 European nations adopted this single currency. Owing to the international pressure and the 3-holidays in a row including the Good Friday, Pak Rs came slightly under pressure against U.S. Dollar.

RUPEE/US DOLLAR

This Week

Last Week

% Change

Last Year

% Change

54.3 54.225 .1385 51.575 5.283

 


 

Comments: In the local market, the British Pound lost around .40 Paisa against Pak Rs. The British inflation in the 12-months to March was 2.6 percent after retail prices rose by 0.5 per cent from the figure for February. The figures were slightly higher than the predictions of economists, who had forecast a rise of 0.4 per cent last month to give a 12-monthly increase of 2.5 per cent. March was the 12 month in a row that this target measure of inflation had been below the Bank of England's target rate of 2.5 per cent.

 

RUPEE/POUND STERLING

This Week

Last Week

% Change

Last Year

% Change

86.1 86.4 -.347 83.375 3.268

 


 

Comments: In the local market, Deutsche Mark lost around 0.55 Paisa against Pak Rs. The six leading economic institutes in Germany revised upwards their growth forecast for the current year, predicting Gross Domestic Product (GDP) growth of 2.8 per cent in 2000. On the other side, the government is sticking to its forecast of growth of 2.5 per cent this year, even if it was pleased that the institutes and the other international organizations saw a very dynamic German growth.

 

RUPEE/DEUTSCHE MARK

This Week

Last Week

% Change

Last Year

% Change

26.35 36.7 -1.310 28.175 -6.477

 


 

Comments: The strong group of G-7 is pressing hard Japan to retain the recovery track despite any change in the cabinet and the internal problems either link to the weaker Yen or the matter of export. The strong Yen has become the main apple of discord among the financial analysts. Some of the government officials in Japan and the member of the G-7 countries that includes, Britain, Canada, France, Germany, Italy and the United States are in favour of the strong Yen. The strong Yen makes the Japanese exports more expensive overseas and cut the Yen based value of foreign currency income.

 

RUPEE/JAPANESE YEN

This Week

Last Week

% Change

Last Year

% Change

.512 .511 .195 .4375 17.028