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FOREX KERB WATCH

Comments by OWAIS S. KALIA (Khanani & Kalia)
Updated on  Aug 21, 2000

Comments: Downward trend persisted in the open market as the Rupee faced continuous fall in it's value against the Greenback. On Friday the Dollar touched the record highest value as the Rupee went down to it's least level and at one stage touched the Rs. 57 barrier. The market sources said that the continuous decline in the export proceeds and the inadequate supply against growing demand of Dollar in the market are the main reasons for this continuous decline in the value of the Rupee in the local market. In the international market too, the Dollar showed it's firmness.

 

RUPEE/US DOLLAR

This Week

Last Week

% Change

Last Year

% Change

56.725 56.25 .8444 54.095 4.8618

 


Comments: In the domestic market, the Pak Rupee gained 0.40 Paisa against the Pound. In the international market the Sterling failed to maintain it's in- creased value against the Dollar and Euro after the British inflation data took the market by surprise and reduced the chances of a British interest rate rise in September. However the Pound observed the mix trend of rise and fall and no major fluctuations were recorded.

 

RUPEE/POUND STERLING

This Week

Last Week

% Change

Last Year

% Change

84.725 84.3 .5041 87.425 -3.0883

 


Comments: The Rupee gained 0.25 Paisa against Mark in the domestic market and no major buying was observed as normal trading of the currency took place. In the international market, the Mark did not show any of the major changes in it's value against the Dollar, Pound and Eruo. However the market is keeping a close watch on the German auction of the mobile phone licenses.

 

RUPEE/DEUTSCHE MARK

This Week

Last Week

% Change

Last Year

% Change

26.325 26.225 .3813 29.575 -10.9890

 


Comments: In the international market the Yen failed to get adequate support from the interest rate hike by the Bank of Japan last week as Yen fell against Dollar, Pound and Euro. The Yen remained vulnerable as dealers assessed the possible impact of the tightening on Japan's still fragile economy. However the experts are of the view that the Yen should be given some time to recover it's value with the rate hike and make it's impact on trading.

 

RUPEE/JAPANESE YEN

This Week

Last Week

% Change

Last Year

% Change

.519 .5135 1.0710 .485 7.0103