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FOREX KERB WATCH

Comments by OWAIS S. KALIA (Khanani & Kalia)
Updated on  Aug 07, 2000

Comments: The Rupee started the week with a positive note by gaining 8 Paisa in relation to the Dollar compared to the last week's level as the supply of the Dollar in the market remained constant to meet the requirements and no major buying was observed. However in the later days, the Rupee failed to restore it's upgraded value and fell down due to the tight supply of the Greenback, non surrenderence of the export proceeds by the exporters and the growing demand of Dollar in the market. This trend continued till the end of the week.

 

RUPEE/US DOLLAR

This Week

Last Week

% Change

Last Year

% Change

55.845 55.76 .1524 53.925 3.5605

 


Comments: In the domestic market the Rupee gained 30 Paisa at the end of the week as compared to 10 Paisa gain in the last week. The experts said that the firmness of the Pound against the Dollar has shown it's impact in the domestic market. In the international market the Sterling showed a mix trend of ups and downs against the Dollar. The Pound recouped it's continuous losses against the Dollar after the publication of a report which revealed that the national association of purchasing management's index remained steady at 51.8

 

RUPEE/POUND STERLING

This Week

Last Week

% Change

Last Year

% Change

84.1 83.8 .3579 86.8 -3.1105

 


Comments: In the domestic market the Rupee lost 0.25 Paisa against the German Mark. Much movement was not recorded either in the international market. But the experts said that the continuous decline of Euro against Dollar may further weaken the Mark and the Dollar would be more favoured due to the flow of the foreign direct investments.

 

RUPEE/DEUTSCHE MARK

This Week

Last Week

% Change

Last Year

% Change

26.1 26.325 -.8547 29.65 -11.9730

 


Comments:The week showed some firmness in Yen after the bears gave up as they failed to drive the currency to down levels. The Yen gained against the Dollar, Euro and Australian dollar sharply. The US Dollar however resisted in between but strong combinations of Japanese export offers, Asian and US banks defending options supported the Yen. The experts are predicting this trend as a break to the currency's long term down trend.

 

RUPEE/JAPANESE YEN

This Week

Last Week

% Change

Last Year

% Change

.505 .505 NIL .469 7.6759