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FOREX KERB WATCH

Comments by OWAIS S. KALIA (Khanani & Kalia)
Updated on  Nov 27, 2000

Comments: In the local market, the Rupee showed a modest decline in it's value against the Dollar. The increase in the interbank rate after the removal of the cash margin restriction from the LCS by the State Bank also affected the open market and the Rupee lost some grounds against the Dollar on the first three days of the week. However, the Rupee managed to hold itself tight, remained firm and avoided any further steep on the last three days amid to substantial supply of the green that seemed to cover up the demand in the market.

RUPEE/US DOLLAR

This Week

Last Week

% Change

Last Year

% Change

61.055

60.955

-1640

54.355

12.326

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Comments: The Rupee gained Rs. 1.50 against the Pound this week. The Pound followed it's international trend and got weak mainly because of the slowing down of the British economy in the recent past. However, substantial trading of the currency was not observed and the investors mainly remained sidelines this week.

RUPEE/POUND STERLING

This Week

Last Week

% Change

Last Year

% Change

85.6 87.1 -1.722 87.6 -2.283
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Comments: The Rupee gained 0.30 Paisa against the Mark at the close of the markets. Normal trading of the currency took place and no significant change was recorded. In the international market, the Mark waited to get a respite as the Euro lost further against all the leading currencies. The Mark also suffered this week due to the weaker than expected reading for German leading IFO business.

RUPEE/DEUTSCHE MARK

This Week

Last Week

% Change

Last Year

% Change

26.3 26.6 -1.127 28.35 -7.231
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Comments: In the international market, the Japanese political battle put heavy weights on Yen as it hit three-week losses against the Dollar and remained depressed most of the time. Some experts are of the opinion that the political battle may lead to new elections that would divert the attention from the economic reforms that may further affect the Yen to loose some more grounds in the coming days.

RUPEE/JAPANESE YEN

This Week

Last Week

% Change

Last Year

% Change

.5475 .558 -1.881 .5325 2.816