KKI weekly market review

Khanani & Kalia International (Pvt) Limited Weekly Market Review on Sunday (May 20, 2007).
RUPEE/US DOLLAR: Rupee shed significant grounds against dollar in the kerb this week. The US dollar set off new week's trading on Tuesday at Rs 60/65, posted gains and was changing hands at Rs 60/75 at close of markets on Saturday.
Thus, rupee recorded a loss of 0/10 paisas against greenback in the kerb market. On the international desk, the yen, the dollar dipped to as low as 120.70 versus the yen, and climbed back to above the 121 handle as the market digested China move.
RUPEE/EUROThe single currency showed a mix trend against rupee in the open market. However, the single currency remained unchanged at close of markets. Euro opened new week's trading at the same price at close of markets. On the international desk, the euro strengthened 0.11 percent to $1.3509. It reached an all-time high of $1.3681 on April 27 and has gained 2.28 percent this year versus the dollar.
RUPEE/POUND STERLINGPound Sterling observed both trend upward and downward versus rupee in the kerb dealings. However, the cable remained up at close of markets. Pound Sterling opened new week's trading at Rs 119/50 on Tuesday and was trading at Rs 119/60 at close of markets on Saturday. Thus, rupee lost 0/10 paisas versus British Pound. In the international market, the sterling slid as UK retail sales unexpectedly fell 0.1% in April, far below the estimate of 0.5% growth.