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FOREX KERB WATCH

Updated on  Jun 05, 2000

Comments by OWAIS S. KALIA (Khanani & Kalia)

Comments: The State Bank of Pakistan has allowed 20-Paisa of Rupee depreciation against U.S. Dollar in inter-bank market. The likewise trend was also started to be prevailed in the Kerb improved slightly against U.S. Dollar after the better supply and the news that the State Bank of Pakistan has pumped-in US $=20-25 million into inter-bank market. The international market is also not in very well support of the U.S. dollar as the recovery in both Euro and Asian region has started.

 

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 gained around 1.20 against Pak Rs. Makeovers in the British retail sector hit a record 8.6 billion pound ( $ 12.69 billion) in 1999 but evidence going back two decades suggests most of them will fail, according to the consultancy retail intelligence. Wal-mart stores inc's 6.7 billion Pound acquisition of asad was the main reason for the last year's 43 per cent surge in the value of deals. Retail intelligence found the process of concentration in the sector was continuing with the top companies controlling an ever greater share of sales.

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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 0.50 Paisa against Pak Rs. A positive trend in the German Economy, the most important in the Euro Zone, was sustained in the first quarter of 2000, which saw growth 0.7 per cent over the last quarter of 1999. The quarter-to-quarter rate was unchanged, but corresponds to a 3.3 per cent annual growth when compared to the first quarter of 1999. This makes it the strongest growth rate figure since the first quarter of 1998.

 

RUPEE/DEUTSCHE MARK

This Week

Last Week

% Change

Last Year

% Change

25.675 26.35 -2.561 28.1 -8.629

 


CommentsThe Japanese government doing all the efforts to regain the leading financial position of the by-gone days. Japan this week, relaxed rules which had prevented large retailers from opening stores near mom-and -pop shops, but replace them with stricter environmental checks. Economists said, the decision to scrape the large-scale retail store law had led to a flurry of construction activity as retailers have taken advantage of a six-month transition period before the new environmental rules take effects.

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RUPEE/JAPANESE YEN

This Week

Last Week

% Change

Last Year

% Change

.5025 .512 -1.855 .4305 16.724