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.
.
RUPEE/JAPANESE YEN |
This
Week |
Last Week |
% Change |
Last Year |
% Change |
| .5025 |
.512 |
-1.855 |
.4305 |
16.724 |
