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FOREX KERB WATCH

Updated on 13th May, 2000

Comments by OWAIS S. KALIA (Khanani & Kalia)

Comments: In the international market, Euro went within a cent of its record lows against U.S. Dollar following the statement of a Finance Minister of the 11-Euro nations that contained nothing about intervening in the foreign exchange to support the battered single currency. But on the local front, U.S. Dollar dropped two Paisa against Pak Rs in the beginning of this week. Pak Rs also registered two Paisa gain opinion that the position of the economy is not bubble-like that is also a factor which could lead to the recovery.

 

RUPEE/US DOLLAR

This Week

Last Week

% Change

Last Year

% Change

54.345 54.3 .0828 51.575 5.370

 


Comments: In the local market, the British Pound lost around 1.55 against Pak Rs. The last week's position is still hovering over pound sterling when the sterling rallied about a cent against U.S. Dollar and gained within a penny of record highs sterling stemming from UK mobile phone license auctions. Speculative flows related to the auction. In which 22.5 billion Sterling worth of licenses were awarded last week. The fort-nightly effects still seem of be in force on Pound Sterling.

 

RUPEE/POUND STERLING

This Week

Last Week

% Change

Last Year

% Change

85.10 86.1 -1.161 83.05 2.468

 


Comments: In the local Market, Deutsche mark gained around 0.15 Paisa against Pak Rs. The powerful global institution, the international monetary fund (IMF) has selected a German 57-year-old German growth is now highly linked with the stability of both the regions of eastern and western Germany. The intensity is also mounting with America and some other countries following the succession of IMF presidency.

 

RUPEE/DEUTSCHE MARK

This Week

Last Week

% Change

Last Year

% Change

25.675 26.35 -2.561 28.1 -8.629

 


Comments:  The financial sector of Japan is on the track of recovery, benefiting from the progress banks have made in dealing with asset quality issues and the prospects of the better economic conditions. As the report prepared by the Standard and Poor (S&P) shows, the down trend in the Japanese bank credit rating appeared to have stabilized. In the past year, 13 out of the top 16 banks of Japan announced either to be merged or to have the comprehensive alliances with other banks.

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RUPEE/JAPANESE YEN

This Week

Last Week

% Change

Last Year

% Change

.5025 .512 -1.855 .4305 16.724