KKI weekly market review

Khanani & Kalia International (Pvt) Limited Weekly Market Review on Sunday (September 30, 2007).
RUPEE/US DOLLAR: The national currency remained unchanged against dollar in the open market dealings. The US currency started off new week's trading at Rs 60/65 on Monday, did not show any change and remained at the same price at close of markets on Saturday. On the international desks, the dollar fell to a record low against euro for a seventh straight day as slowing inflation encouraged traders to speculate that the Federal Reserves will cut borrowing costs a second time this year.
RUPEE/EUROThe 13-nation currency continued to post gains against rupee in the kerb dealings amid euro's upbeat tone in the international market. The single currency commenced new week's trading at Rs 85/15, recorded gains on the desk and was changing hands at Rs 86/25 at close of markets on Saturday. Thus, rupee lost Rs 1/10 against euro in the kerb.
RUPEE/POUND STERLINGPound sterling continued to gain versus the national currency in the kerb market. The cable opened new week's trading at Rs 122/20, registered gains and changed hands at Rs 123/65 at close of markets on Saturday. On the international desk, the pound traded near the lowest on more than 2 1/2 years against the euro after the Financial Times reported that Northern Rock Plc had been forced to borrow a further 5 billion pound ($10 billion) to stay in business.