KKI weekly market review

Khanani & Kalia International (Pvt) Limited Weekly Market Review on Sunday (May 06, 2007).
RUPEE/US DOLLAR: The national currency showed a mixed trend versus dollar in the open market this week. However, rupee shed mere grounds versus dollar amid demand of dollar in the local market. The US dollar commenced trading at Rs 60/63, recovered gains and was changing hands at Rs 60/67 at close of markets on Saturday.
Thus, local currency incurred a loss of 0/04 paisas against greenback in the kerb. On the international desk, the dollar fell to within a cent of the all-time low against the euro and dropped versus the yen after a government report showed U.S. employers added the fewest jobs in more than two years.
RUPEE/EUROEuro observed a mixed trend versus rupee in the kerb market this week. The single currency commenced trading at Rs 82/50 on Monday, gave up mere grounds and changed hands at Rs 82/25 at close of markets on Saturday.
Thus, rupee posted a loss of 0/25 paisas against euro in the open market dealings. On the international desks, the euro bounced off trendline support at 1.3637 and edged up slightly higher heading into the payrolls report. Euro zone data included on-manufacturing PMI and retail sales. The PMI reading was slightly softer than forecast at 57.2, and down from 57.4 from March.
RUPEE/POUND STERLINGPound Sterling continued to show mixed trend versus rupee in the kerb market. However, the cable lost 0/05 paisas at close of market. The British pound opened new week's trading at Rs 120/70 on Monday and was trading at Rs 120/65 at close of markets on Saturday.