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FOREX KERB WATCH

Comments by OWAIS S. KALIA (Khanani & Kalia)
Updated on  Nov 06, 2000

Comments: In the domestic market the rupee managed to hold its firm note against the greenback. The market remained normal and no panic situation was observed. The strong trend of gain that come up last week persisted this week too, the supply of the dollar in the market remained strong helping the rupee to avoid any decline in its value. The rupee reacted positively the whole week in the international market, the dollar remained strong against pound, euro, Australian dollar and Canadian dollar. Earlier this week, although euro and pound went high against greenback but their gains proved to be temporary.

RUPEE/US DOLLAR

This Week

Last Week

% Change

Last Year

% Change

61.275

61.1

1.923

54.225

13.001

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Comments: The rupee gained 0.20 paisas against pound in the domestic market this week. The declining trend followed in the domestic market as well. However the normal trading of the currency was observed whole week. In the international market, the pound rallied highs against euro and dollar. The news from the British expert that the interest rates would like helped the pound to recover its loss grounds specially against the dollar. The rise proved temporary and the dollar recovered soon and prolonged till the end of the week.

RUPEE/POUND STERLING

This Week

Last Week

% Change

Last Year

% Change

88.9 88.9 0.00 89.230 -0.3698
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Comments: In the domestic market the rupee gained 0.75 paisas against market this week. The currency showed no noticeable changes and more or less remained within its normal limits. In the international market, the Mark followed the euro which showed a mix trend of rise and fall against all the major currencies. However, the experts are again of the view that the banks may again intervene to save the euro which will ultimately support the Mark as well.

RUPEE/DEUTSCHE MARK

This Week

Last Week

% Change

Last Year

% Change

27.15 26.2 3.6259 28.975 -6.2985
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Comments: Yen showed strong footing against euro as heavy demand of yen against the euro prevented a break of recent ranges. It lost against dollar and gained against pound. However, the yen, according to the financial experts, seems to be falling a number of problems including growing unemployment rate, weakness of domestic equities, oil prices, domestic bankruptcies and the fall of global Infotech demand but the expected growth of GDP from 1.9 to 23 per cent a positive sign for the Japanese economy.

RUPEE/JAPANESE YEN

This Week

Last Week

% Change

Last Year

% Change

.57 .5605 1.6949 .5125 11.2195