KKI weekly market review

Khanani & Kalia International (Pvt) Limited Weekly Market Review on Sunday (March 23, 2008).
RUPEE/US DOLLAR: The dollar came up against rupee in the local market towards the weekend this week and was able to end on a high note. A 0.05 paisa gain was recorded in the price of greenback as the currency was changing hands at Rs 63.15/- as compared to its Monday's trading price of Rs 63.10/-. The main reason of rupee's mild shortfall was some consolidation of dollar in the international market otherwise , the supply in the local market was sufficient to meet the current demand.
RUPEE/POUND STERLINGPound sterling traded on a week note against rupee and lost Rs 1/70 at close of market on Saturday. The currency started new week's trading at Rs 126/25 and finally was changing hands at Rs 124/55 on Saturday. Sterling 's rally against the dollar stalled near trend-line resistance around 2.0270. Economic reports from the UK this week saw inflation figures, with CPI higher to 0.7%reversing a 0.7% decline a month earlier and edging up to 2.5% on an annualized basis from 2.2%. The retail price index(RPI) firmed by 0.8% m/m and 4.1% y/y.
RUPEE/EUROThe euro started the week strongly and showed record highs against rupee before falling back and finally closing week on a negative note. Euro which already has been trading at a record level against rupee for quite sometime now further strengthened it position and crossed Rs 99/- barrier till midweek. The single European currency bit record highs at $1.5904 on Monday before the dollar recovered around 3%.