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FOREX KERB WATCH

Comments by OWAIS S. KALIA (Khanani & Kalia)
Updated on  Oct 23, 2000

Comments: In the domestic market, the Rupee showed strong footing against the greenback. This week it gained heavy ground in the trading. According to the experts the substantial increase in the exports proceeds by the exporters and massive selling of the funds by the individual have resulted in an easy supply of Dollars in the market that supported the limping Rupee to hold itself to a great extent. The Rupee gained more than one Rupee which in favour a positive sign for the Pakistan's economy.

RUPEE/US DOLLAR

This Week

Last Week

% Change

Last Year

% Change

59.8

61.725

-3.118

54.39

9.946

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Comments: In the domestic market the Rupee lost Rs. 3.5 against the Pound at the end of the week. Mostly selling trend by the individual persisted this week. However, normal trading took place. In the international market the Pound stood strong against the Euro but lost further grooved against the Dollar. The non supportive remarks by the European central bank president against the British economy undermined the currency but the casing oil price possible intervention and the expected release of the economics data including labour market statistics however kept the investor on their toes.

RUPEE/POUND STERLING

This Week

Last Week

% Change

Last Year

% Change

87.1 89.6 -2.790 89.875 -3.087
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Comments: In the domestic market the Rupees lost Rs. 1.5 against Mark this week. The trade continued the whole week. Standing of the currency remained at normal pace and no major move by the investors was observed. In the international market the Mark suffered due to the declining Euro. Since the single currency has lost much of it is shine and is just breathing tightly near an immediate impact on all the currencies linked with it including the German Mark.

RUPEE/DEUTSCHE MARK

This Week

Last Week

% Change

Last Year

% Change

25.9 27.1 -4.428 29.65 -12.647
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Comments: The Yen suffered from a steep rise against the Australian Dollars and Euro but lost some ground against Dollar as it came under pressure after the Tokyo stock market's Nikkei average dropped more than 3% on Wednesday late. The Japanese Finance Minister said that they are closely watching the sliding Euro and the observe of any news from the Euro zone may create an opportunity for possible intervention by the banks.

RUPEE/JAPANESE YEN

This Week

Last Week

% Change

Last Year

% Change

.5485 .5679 -3.416 .506 8.399