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FOREX KERB WATCH

Comments by OWAIS S. KALIA (Khanani & Kalia)
Updated on  Oct 30, 2000

Comments: The Rupee managed to prolong it's recovery against the greenback this week too. Most of the time, the Pak Rupee held itself strong and recovered considerable grounds against the Dollar. The major reason for the Rupees strength is mainly the easy supply of Dollar in the local market. The entry of export proceeds by the exporters and the controlled demand of Dollar that prevailed last week persisted this week too. The experts are positive and are of the view that if the current condition of the market persists in the coming days, it would ultimately support the Pak Rupee.

RUPEE/US DOLLAR

This Week

Last Week

% Change

Last Year

% Change

61.1

59.8

2.1739

54.39

12.336

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Comments: In the local market, the Rupee gained Rs. 1.80 against Pound this week. The upward trend of the Pound mostly prevailed in the market. The individuals again took interest in the currency due to the rising trend but however normal pace of trading was recorded. In the international market, the Pound rallied to 5 months high against the Euro. The Dollar, Yen and Mark also lost some grounds against the Pound. Although, the Pound underperformed the Dollar, but remained within it's recent trading range.

RUPEE/POUND STERLING

This Week

Last Week

% Change

Last Year

% Change

88.9 87.1 2.0665 89.875 -1.0848
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Comments: The Rupee gained 0.35 Paisa against Mark in this week trading. The trading remained at normal pace and no major investment move was taken. In the international market, the Mark remained vulnerable due to the limping Euro that dipped to half cent of record lows against the Dollars. The possibility of another intervention to support the Euro may bear some impact on the Mark as well.

RUPEE/DEUTSCHE MARK

This Week

Last Week

% Change

Last Year

% Change

26.2 25.9 1.1583 29.65 -11.6357
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Comments: In the international market, the Yen reached record highs against Euro and also gained Dollar and mark. Major activity was observed from the Japanese exporters and also the selling of Yen against the Dollar remained on peak. However, the option related offers supported the Dollars to extend it's gains over Yen which soon wiped off due to the knockout option orders. Also, Japan's embattled prime minister Mr. Yoshiro Mori is expected to resign after his latest verbal blunder.

RUPEE/JAPANESE YEN

This Week

Last Week

% Change

Last Year

% Change

.5605 .5485 2.1877 .506 10.7707