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FOREX KERB WATCH

Comments by OWAIS S. KALIA (Khanani & Kalia)
Updated on  Jun 12, 2000

Comments: On Friday this week, Pak Rs. Declined around .10 Paisa against U.S. Dollar in the Kerb market following the investors Mis-conception hat the U.S. Dollar may go higher before the announcement of the federal budget. The smooth supply of dollar on Saturday helped Pak Rs. to gain 0.10 Paisa in inter-bank rates. The targeted growth of GDP that is 4.5 per cent is likely to touch $ 8.5 billion mark but the main hurdle in achieving this target is the matter of sick units and the large imbalances in import & export.

 

RUPEE/US DOLLAR

This Week

Last Week

% Change

Last Year

% Change

54.875 54.675 .3657 53.11 3.323

 


Comments: In the local market, the British Pound gained around 0.50 against Pak Rs. the British Pound has remained almost stagnant versus U.S. Dollar despite the fact that the recovery indicators of economy are getting brighter along with the rest of the European states. The precious metals in trading yet to gain a constant strength to provide the full support to the British economy. The manufacturing sector in England need to reduce the products price as the trading with Asia is on at large and the supply of the raw materials is with ease and smooth flow.

 

RUPEE/POUND STERLING

This Week

Last Week

% Change

Last Year

% Change

83.1 83 .1204 88.925 -6.5504

 


Comments: In the local market, Deutsche Mark gained around 0.10 Paisa against Pak Rs. the German Mark has been a shadow element since the full swing of the 11-nation Euro. The recovery the Euro-zone is getting momentum with the passage of time. After France, the German unemployment has also fallen to 3.788 million in may from 3.986 million in April. The informed sources has also disclosed that the number of unemployed on a seasonally adjusted basis fell by 27,000 in may from April.

 

RUPEE/DEUTSCHE MARK

This Week

Last Week

% Change

Last Year

% Change

26.625 26.625 Nill 29. -10.0506

 


Comments: The U.S. Dollar got stronger-than-expected against the Japanese Yen in Friday's trading as the Japanese growth figures pushed the U.S. Dollar above 106 Yen, but the advance soon ran out of steam, worn down by persistent bearishness on the U.S. currency. Japanese economy has grown 2.4 per cent in the January-March quarter. This is the strongest growth in four year but worst than a median forecast of 2.9 per cent in a Reuters poll of economists.

 

RUPEE/JAPANESE YEN

This Week

Last Week

% Change

Last Year

% Change

.508 .507 .1972 .4665 8.896