Comments by OWAIS S.
KALIA (Khanani & Kalia)
Updated on Jul 24, 2000
Comments:
In the domestic market, the Rupee showed a firm note against the dollar on the first two
days of the week as no major changes were recorded due to easy supply of dollar in the
market. But the lifting of trading band restriction in the inter bank market by the State
Bank of Pakistan affected the market. The dollar seems to get stronger against all the
leading world currencies. The controlled rate of inflation and the forecasted increasing
rate of growth in the American economy helped the dollar to strengthen. It fell slightly
against Japanese yen earlier this week as the Japanese exporters exchanged their overseas
earnings into their local currency. But the dollar soon recovered after the Bank of Japan
retained its zero rate policy. However on Thursday, the dollar again fell against yen and
Euro as the experts analyzed that there are no signs of an increase in the interest rates
in the near future.
RUPEE/US DOLLAR |
This Week |
Last Week |
% Change |
Last Year |
% Change |
| 55.3 |
54.895 |
.7377 |
53.875 |
2.6450 |
Comments: In the local market, the British pound
gained around 1 Rupee against Pak Rs. in the International market, the British pound
rallied its highs as it went up nearly 1% against the US$ due to some speculation
regarding the hike of repo rates by the Bank of England. Moreover the concerns over the
British government's spending review published earlier this week also supported the
sterling. The analysts said that the expectations for higher interest in Britain over the
coming months would increase the sterling trade to a considerable extents.
RUPEE/POUND STERLING |
This Week |
Last Week |
% Change |
Last Year |
% Change |
| 83.6 |
82.6 |
1.210 |
85.1 |
-1.762 |
Comments: In the local market, the Deutsche Mark
gained around 0.35 against Pak Rs. in the international market, the German mark showed a
low trend. No major changes were recorded. The holding of talks to acquire the US Wireless
Telephone Company Voice Stream Wireless Corporation at a cost of $ 53 billion marked as
another big news for the German economy after a key tax reform in the country.
.
RUPEE/DEUTSCHE
MARK |
This Week |
Last Week |
% Change |
Last Year |
% Change |
| 26.4 |
26.425 |
-094 |
29.025 |
-9.043 |
Comments: The
Japanese yen showed mix trend against the US$. The conversion of earnings into dollars by
the Japanese exporters took the value of yen up by 1%. However the dollar recovered it's
lost value and the yen lost it's urgraded value as the Bank of Japan retained it's zero
rate policy. However the rising against the Japanese economic recovery weakened the yen
here on Friday closing. The yen also fell against Euro by about 1.5% the experts said that
the Japanese economy does not seem to be very strong and the investors were taking on
investments and weighed on the currency. Also, Japan suffered from two large scale
bankruptcies this week which weighed collapses on yen.
RUPEE/JAPANESE YEN |
This
Week |
Last Week |
% Change |
Last Year |
% Change |
| .504 |
.507 |
-591 |
.46 |
9.565 |
