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FOREX KERB WATCH

Comments by OWAIS S. KALIA (Khanani & Kalia)
Updated on  Jul 17, 2000

Comments: During the last week too, Pak rupee continued to be under pressure against US$. The buying of green back continued while the supply of Dollar in the market remained normal at the end of the week. The Dollar remained in the international market against Japanese Yen / Euro but showed its weakness against the British Pound with improved signs of recovery in Europe and Asia. The firm position of the US $ has broken to some extent.

 

RUPEE/US DOLLAR

This Week

Last Week

% Change

Last Year

% Change

54.95 54.95 .1366 53.8 1.948

 


Comments: In the local market, the British Pound lost around 0.50 Paisa against Pak Rs. The week under review showed firmness of Pound Sterling against the US$ and dipped against Euro. The mere increase in the nonfarm pay rolls by 11,000 against the forecasted figure of 263,000 suggested that the US economy is slowing down with a much faster rate. However the British Pound got firm against Euro. The data led gains were not sustained by the single currency mainly the dealers focused their attention on the reason US wages and fall in its employment rate.

 

RUPEE/POUND STERLING

This Week

Last Week

% Change

Last Year

% Change

83.3 83.3 1.215 84.1 -3.364

 


Comments: In the local market, Deutsche Mark gained around 0.30 Paisa against Pak Rs. After a heavy setback in the from of the failure of the tax reforms the coalition government and the Conservative opposition hammered out a compromise on the package. The IMF and many industrial leaders in Germany have warned that the reforms should be made effective as planned otherwise it will bear disastrous effects on the economy.

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RUPEE/DEUTSCHE MARK

This Week

Last Week

% Change

Last Year

% Change

26.725 26.725 1.615 28.3 -6.881

 


Comments: The sluggish incomes and week job markets can only be rectified with the fresh data of the Japanese govt. Is the key to the recovery, Japanese sources said however it was added that bankruptcies of small business and structural changes are also hindering the way of recoveries consumption. The sources identified that the household spending and the most weak chunk of the economy fell 1.9% in May this year compared with the former years figure.

 

RUPEE/JAPANESE YEN

This Week

Last Week

% Change

Last Year

% Change

.515 .515 -1.151 .442 14.064