Comments by OWAIS S.
KALIA (Khanani & Kalia)
Updated on Sep 25, 2000
Comments:
In the domestic market, after a tranquil and rigid last week, the
market almost went wild as the Rupee touched it's lowest value and the
Dollar crossed the Rs. 60 barrier which is recorded to be the highest
after the removal of the unofficial cap by the SBP. This trend
persisted for the first three days of the week after which the SBP had
to intervene to control the further decline in the Rupee as it sold 35
million Dollars. As a matter of fact, the bankers took keen interest
in buying Dollars after observing a steep decline in the Rupee and to
avert further losses. Also some experts said that the payments of
corporate debts, payments of national debts accruing at the end of
September, payments of shipping and airlines bills were some of the
other factors that resulted in hectic demand of the green back in the
market.
RUPEE/US DOLLAR |
This Week |
Last Week |
% Change |
Last Year |
% Change |
|
60.125
|
57.385
|
4.7747
|
54.425
|
10.4731
|
Comments: In the domestic market, the Rupee gained Rs. 6.35
at the end of the week. The Sudden rise of Pound in the international
market on Friday, showed it's immediate impact on the domestic market
and the Rupee. However, the Pound recovered to some level on Saturday.
In the international market, the Pound rallied to it's one month
highs versus the Dollar. The US, Japanese and European central banks
intervened for the first time on Friday by Euro buying.
RUPEE/POUND STERLING |
This Week |
Last Week |
% Change |
Last Year |
% Change |
| 87.2 |
81 |
7.6543 |
89.375 |
-2.4335 |
Comments:
In the domestic market, the Rupee gained Rs. 1.65
against Mark at the close of the markets. Despite of increase in the
value, the currency showed normal trading and no major move by the
investors was observed.
In the International market, the Euro support move taken by the
European central bank also helped the Mark to upgrade itself against
all the major currencies in the market especially against the
Dollar.
RUPEE/DEUTSCHE
MARK |
This Week |
Last Week |
% Change |
Last Year |
% Change |
| 26.95 |
25.3 |
6.5217 |
29.125 |
-7.4678 |
Comments:
In
the international market, the Yen remained firm against the Dollar and
gained record highs against the Australian Dollar. It also gained
against Pound and Euro. However, the joint intervention of the
Japanese, US and European banks restricted the Yen to further move
ahead with it's value. The Yen however broadly strengthened on a more
than two per cent gain in the Nikkei stock average. Also speculative
selling of the Yen against Euro was observed as the Japanese investors
were still looking to hedge their exposure.
RUPEE/JAPANESE YEN |
This
Week |
Last Week |
% Change |
Last Year |
% Change |
| .553 |
.535 |
3.3644 |
.5065 |
9.1806 |
