Khanani & Kalia International (Pvt) Limited Closing Rates of currency notes on Sunday (May 21, 2006).
RUPEES/US DOLLARS: The dollar showed a downward trend in the open market dealings this week and a two paisa loss was recorded in its price at close of market on Saturday.
The dollar started new week at Rs 60/42 and ended at Rs 60/40. Major rise in dollar's price was seen on Saturday otherwise rupee managed to recover and resist well against it through week's trading. Biggest intra day loss in dollar's price was recorded on Wednesday when rupee recovered 0.10 pasia and the currency went down to 60/32. Only a negligible change was seen till Friday, but dollar recouped in late Friday trading amid its rise in the international market.
Actually in weekend trading, dollar recovered on the back of increased buying from risk averse investors. The dollar increased for the first time this month against euro and yen on the speculation that FED's interest rate policy may continue for sometime.
The dollar infact made its first weekly increase vs the euro and yen after 4 straight weekly declines. The US inflation data and jawboning from French finance minister to a lesser extent-served as an effective means of slowing down the dollar decline. Since dollar was down in the inter bank too, therefore, rupee sensed its technical impact. Dollar traded on the lower side in early international market trade after China's central bank set the Yuan's midpoint below 8.00 to the dollar for the first time sine revaluing the currency last July.
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