KKI weekly market review

Khanani & Kalia International (Pvt) Limited Weekly Market Review on Sunday (September 16, 2007).
RUPEE/US DOLLAR: The national currency recovered mere grounds versus dollar in the open market this week. The US dollar kicked off new week's trading at Rs 60/80, shed mild gains and was changing hands at Rs 60/77 at close of markets on Saturday. Thus, rupee posted a gain of 0/03 paisas against greenback in the kerb market. On the international desks, the dollar was little changed versus the euro before next week's Federal Reserves meeting as traders prepared for the U.S. central bank to cut benchmark interest rates by the least 0.25 percentage point.
RUPEE/EUROThe single currency recorded gains against rupee in the kerb dealings. Euro commenced new week's trading at Rs 83/60, continued to post gains and was changing hands at Rs 84/00 at close of markets on Saturday. Thus, the local currency incurred a loss of 0/40 paisas against the 13-nation currency in the open market dealings.
RUPEE/POUND STERLINGThe British Pound shed significant grounds versus the national currency in the kerb amid weak performance of Pound sterling in the international market. The cable started off trading at Rs 122/85 on Monday, continued to lose and changed hands at Rs 121/60 at close of markets on Saturday. On the international desks, the sterling fell sharply after the Bank of England provide an unspecified amount of financial support for UK's fourth largest home mortgage lender, Northern Rock, which suffered losses from recent rising lending rates sparked by US subprime crunch.