KKI Weekly market review

Khanani & Kalia International (Pvt) Limited Weekly market review on Sunday (July 24, 2005).

RUPEE/DOLLAR: The rupee mostly remained unchanged against dollar in the open currency market this week and thus continued with the same trend which it has been showing for the last one month. Rupee started new week at Rs 60/45 and managed to stand firm at the same price except a few changes due to the prevailing and demand and supply situations which is a part of routine trading trend.
The demand was normal and no major transaction was recorded as buying has slowed down in the last few weeks at the start of new fiscal year. However, in the international market, dollar traded both ways and China's long awaited revaluation move stood as major happening this week. China on Thursday decided to abandon the peg that it held in place against the dollar to 8.11 from its previous value of 8.28. As a result, Asian currencies surged, led by the Korean won and Taiwan dollar whereas euro and pound sterling also came on the front foot as it was expected.
EURO/POUND: Euro showed a mix performance against rupee this week and demonstrated both rise and falls in its price. The international market trend was the major influencing factor whereas a slight increase in selling from the customers was also seen in the kerb. Euro started new week at Rs 73/15 and at close was changing hands at Rs 72/90 thus losing paisa overall.
Copyright Business Recorder, 2005