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FOREX KERB WATCH

Comments by OWAIS S. KALIA (Khanani & Kalia)
Updated on  Oct 09, 2000

Comments: In the local market, the drifting Rupee was unable to recover it's vulnerable against the greenback. The Rupee failed to get rid of the emerging pressure and touched the Rs. 64 barriers at one stage. The SBP intervened but all the efforts went in vain. According to market experts, the weak economic scenario is obstructing the Rupee in strengthening it's level against the do or die. They said that it is the high time when some serious steps should be taken to support the downfall of Rupee.

RUPEE/US DOLLAR

This Week

Last Week

% Change

Last Year

% Change

61.875

61.1

1.268

54.39

13.761

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Comments: In the domestic market, the Rupee gained 0.10 Paisa against Pound at the end of the week. The currency showed an upward trend most of the time but lost some grounds on the last two days of the week. More trading of the currency was observed as the individuals keeping in view it's rise, showed their interest in buying. Pounds lost further against the US Dollar. On Thursday, it hit one week lows against Dollar. The weakness of the Pound is mainly linked with weak Euro. Decline in British services sector and retail sales fall.

RUPEE/POUND STERLING

This Week

Last Week

% Change

Last Year

% Change

90 89.8 1.225 89.875 .139
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Comments: In the domestic market, the Rupee gained 0.10 Paisa against the Mark at the close of the markets. The currency experienced a hike in the value amid to the rising value of the Dollar in the local market. Substantial increase in the trading was observed. In the international market, the Mark remained stable and much of the change in the value was not observed also, the trading took place at normal pace.

RUPEE/DEUTSCHE MARK

This Week

Last Week

% Change

Last Year

% Change

27.65 27.575 .271 29.65 -6.745
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Comments: In the international market, the Yen showed a mix trend as it went high as well as low at various stages of the week. The rise of Yen was due to a rise in the Nikkei stock stemming an earlier outflow of investment funds. However, the rise proved temporary due to Japan's key "taken" business sentiment survey on Tuesday.

RUPEE/JAPANESE YEN

This Week

Last Week

% Change

Last Year

% Change

.567 .561 1.069 .506 12.055