KKI weekly market review

Khanani & Kalia International (Pvt) Limited Weekly Market Review on Sunday (March 04, 2007).
RUPEE/US DOLLAR: Rupee showed a mixed trend versus the American dollar in the local market. However, the national currency remained unchanged at close of markets. The greenback commenced new week's trading at Rs 60/67, shed significant grounds and changed hands at Rs 60/62 on Wednesday.
However, dollar made a comeback and was changing hands at Rs 60/67 at close of markets on Saturday. On the international desks, the dollar weakened modestly after University of Michigan consumer confidence index dropped from 96.1 to 91.3 in February. The euro strengthened to 1.32 against the dollar, however, the sterling felt heavy with its rally limited under 1.9460. The Japanese yen rose to 11 week high at 116.42 against the dollar today, heading for its biggest weekly rally in 14 months.
RUPEE/EUROthe single currency went in positive and negative territories versus the local currency in the open market amid batter performance of euro in the international market. Euro started off new week's trading at Rs 79/50, posted significant gains and changed hands at Rs 79/90. Moreover, rupee gained another 0/05 paisa on Friday and changed hands Rs 79/65. However, rupee gave up 0/10 paisa versus the 13-nationa currency and closed the week at Rs 79/75. Overall, rupee incurred a loss of 0/25 paisa versus euro on the local desk. On the international desks, the euro strengthened to 1.32 against the dollar.