Khanani & Kalia International (Pvt) Limited weekly review of currency notes on Sunday (April 16, 2006)
RUPEES/US DOLLAR: Thin trading session this week gave rupee advantage over greenback which was able to end higher on Saturday.
Trading volume remained much lower than normal as market remained closed due to Eid Millad un Nabi Holiday on Tuesday and then rest of the week except Saturday due to deadly bomb attack killing more than 50 people in Nishtar Park the same day. Dollar started new week at Rs 60/13 and was trading at the same price on Saturday. Demand as mentioned remained below normal which gave more support to its supply.
The same trend was seen in the inter bank dealings as well that too stood as a technical support for rupee in the kerb. On the world desks however, dollar slipped on Monday but stayed well above a seven-month low against the euro, underpinned by a view that the Federal Reserve ay have room to raise interest rates two more times.
The dollar steadies on Thursday, keeping the previous day's gains, though some traders said the market was girded to take profit from the currency's recent rise ahead of the Easter holiday weekend.
The dollar firmed after the U.S. trade deficit for February came in narrower than expected at $65.7 billion on Wednesday, the third widest on record but below economists' estimates of $67.5 billion.
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