KKI weekly market review

Khanani & Kalia International (Pvt) Limited Weekly Market Review on Sunday (April 29, 2007).
RUPEE/US DOLLAR: Rupee continued to post gains versus the US dollar in the kerb market this week amid dollar remained weak in the international market. The American dollar kicked off new week's trading at Rs 60/78, remained loser through out and was changing hands at Rs 60/67 at close of markets in Saturday.
Thus, rupee registered a gain of 0/11 paisas against the dollar in the kerb. On the international desk, the dollar dripped to a record low against the euro on Friday after the weakest reading of U.S. economic growth in four years suggested the economy could be at danger failing behind the rest of the world. Against the yen, the euro zone currency climbed to an all-time high above 163 yen, as solid expectations for economic growth in Europe contrasted with the mediocre pace of expansion in the United States and Japan.
RUPEE/EUROThe 13-nation currency continued to extend gains against rupee in the kerb dealings. The single currency opened trading at Rs 82/20 on Monday, exerted its pressure on the local currency and was changing hands at Rs 82/65 at close of markets on Saturday. Thus, rupee incurred a loss of 0/45 paisas versus euro in the open market. Moreover, euro remained record high versus dollar in the international market this week.
RUPEE/POUND STERLINGThe cable showed mixed trend versus national currency in the kerb. However, sterling lost grounds at close of markets. The British pound commenced new week's trading at Rs 121/20 on Monday and was trading at Rs 121/05 at close of markets on Saturday. Thus, rupee recovered 0/15 paisas versus British Pound. On the international desks, the sterling fell off the 2 handle versus the dollar before Lonon close as traders took profit.