KKI weekly market review

Khanani & Kalia International (Pvt) Limited Weekly Market Review on Sunday (April 22, 2007).
RUPEE/US DOLLAR: Rupee made a comeback versus dollar in the open market this week amid dollar's weak performance in the international market against major currencies. The greenback set off new day's trading at Rs 60/76 on Monday, shed mere grounds and was changing hands at Rs 60/75 at close of markets on Saturday.
Thus, rupee gained 0/01 paisas against dollar in the kerb. On the international desk, the dollar traded to a fresh multi-year low against the euro in the early. Friday session 1.3627, a level not seen since December 2004 when the single currency reached a record high at 1.3664.
RUPEE/EUROEuro extended gains against the national currency in the kerb dealings. The single currency commenced new week's trading at Rs 82/00, and due to its better performance in the international market was changing hands at Rs 82/20 at close of markets on Saturday. Thus, rupee lost 0/20 paisas against the single currency in the kerb market. On the international market, the 13-nation currency posted a fourth week's of gains versus the dollar, trading within a cent of its record high, as European Central Bank policy makers signaled higher interest rates are needed to contain inflation.
RUPEE/POUND STERLINGPound Sterling remained all times high versus national currency in the kerb. The cable opened new week's trading at Rs 120/55 on Monday and was trading at Rs 121.20 at close of markets on Saturday. Thus, rupee shed 0/65 paisas versus British pound. On the international desks, the sterling fell in a knee-jerk reaction to a weaker-than-expected retail sales report due on Friday. UK retail sales rose 0.3% in March slower than the forecast of a 0.5% rise and previous readingof 1.4%.