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FOREX KERB WATCH

Updated on  May 22, 2000

Comments by OWAIS S. KALIA (Khanani & Kalia)

Comments: In the international market, the U.S. Dollar kept on up-down fluctuation against Japanese Yen. The all time booming economy of America. During this decade, has again shown the supremacy in information technology (IT) as the work and the collection of the best brains of it are planned to be gathered in America with an initial offer of 300,000 visas for the it professionals. In the local market of Pakistan, the U.S. Dollar registered petty gains against Pak Rs.

 

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 1.10 against Pak Rs. The UK's inflation has registered a fall of below 1.5 per cent, inflation has now been below its target for 13-month in a row, as fierce competition on Britain's high streets, plus the government's onslaught against "RIP of Britain" have combined to drive price down. The increased use of Cyber shopping has also played its part, with a whole host of service ranging from insurance to selling houses now available on web.

 

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 lost around 0.30 Paisa against Pak Rs. The German tax revenues for 2000 are expected to be about nine to 10 billion marks more than expected because of stronger-than-expected economic growth. Some independent economists are forecasting that the added 2000 revenues could be between three and 17 billion marks above the last forecast for 2000 made in November. Tax experts also of the view that as a General rule one added per centage point of growth brings about one per cent more tax.

 

RUPEE/DEUTSCHE MARK

This Week

Last Week

% Change

Last Year

% Change

25.675 26.35 -2.561 28.1 -8.629

 


Comments:  In the beginning of this week, the Yen rose against the U.S. Dollar in Asian trade on Tuesday after governor masaru hayami indicated the prospect of an end to the bank of Japan's "Zero-rate" monetary policy. Japanese banks reacted positively to his comments and drove the Yen up to the 108 level because they took it to mean the bank of Japan bank of Japan would lift the zero-rate policy in future. The firmeness of the Japanese Yen came down somehow later this week, against U.S. dollar, but no major losses were registered.

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RUPEE/JAPANESE YEN

This Week

Last Week

% Change

Last Year

% Change

.5025 .512 -1.855 .4305 16.724