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FOREX KERB WATCH

Comments by OWAIS S. KALIA (Khanani & Kalia)
Updated on  Oct 16, 2000

Comments: In the kerb market, the Rupee managed to recover some more grand and halt sharp erosion in its value against the Dollar. The hectic demand that was observed a couple of days back got to some extant to normal pace as speculative buying from the speculators specially went off. The experts expressed their opinion by saying that the increased supply of the Dollar supported the Rupee to strengthen itself and further chances of improvement are very bright amid to easy supply of greenback in the market. Also, the Dollar moved between Rs. 61 and 61.50 mostly for buying and selling respectively this week.

RUPEE/US DOLLAR

This Week

Last Week

% Change

Last Year

% Change

61.725

61.875

-.242

54.39

13.485

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Comments: In the domestic market, the Rupee lost 0.40 Paisa against the Pound at the close of the week. Mostly, the individuals took interest in selling their Pounds as the currency lost it's value as compared to around Rs. 91 mark last week. However, the activity remained considerable with respect to the currency this week. In the international market, the Pound gained against the greenback, Euro and at one stage against the Yen.

RUPEE/POUND STERLING

This Week

Last Week

% Change

Last Year

% Change

89.6 90 -.444 89.875 -.305
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Comments: In the domestic market, the Rupee lost 0.55 Paisa against the Mark at the end of the week. The trading remained in normal pace and no major market move was observed. In the international market, the Mark remained firm and sustained most of the time it's last week's level. However, the news relating to the forecasted intervention by the central banks may have a significant bearing on Mark in the coming days.

RUPEE/DEUTSCHE MARK

This Week

Last Week

% Change

Last Year

% Change

27.1 27.65 -1.989 29.65 -8.600
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Comments: In the international market, the Yen gained strong footing against Dollar. Pound and Euro. The selling of Yen by the Japanese exporters and a massive increase in the machinery order data supported the currency to strengthen itself. The experts analyzed that keeping in view the machinery orders, expectations have become strong that the target of 2% growth in production can be adequately met. Also, strength in the Japanese Yen proved to be a catalyst for the latest Euro slide.

RUPEE/JAPANESE YEN

This Week

Last Week

% Change

Last Year

% Change

.5679 .567 .158 .506 12.233