KKI weekly market review
Khanani & Kalia International (Pvt) Limited Weekly Market Review on Sunday (January 13, 2008).
RUPEE/US DOLLAR: Rupee registered major losses against US currency in the kerb market amid continuous rise of the currency in the interbank that ultimately brought a technical pressure in the kerb dealings too. The US dollar started off new week's trading at Rs 62/10 on Monday, keep on posting gains and changed hands at Rs 62/75 at close of markets on Saturday.
Thus, rupee incurred a loss of 0/65 paisas against dollar in the kerb dealings. On the international desks, the dollar fell against the yen Friday in Asia and may be set for further losses as pessimism over the U.S. economy intensifies and interest rate cuts loom.
RUPEE/POUND STERLINGThe cable also remained in the positive territory versus rupee in the kerb this week. Plound Sterling set off new week's trading at Rs 122/10, posted gains on the desk and changed hands at Rs 122/50 at close of markets. Thus, rupee incurred a loss of 0/40 against Pound Sterling. In the international market, Sterling also remained weak after poor industrial production and manufacturing reports which showed 0.1% mom drop in IP, dragging yoy rate to 0.4%,-0.1% drop in MP, dragging yoy rate down to 0.1%.
RUPEE/YENJapanese currency continued to apprerciate versus rupee in the open market amid its better performance in the international market. Yen startred off new week's trading at 0/564 and changed hands at 0/571 at close of markets on Saturday. On the international desks, the yen rose against 14 of the 16 most-active currencies as signs credit-market losses are worsening prompted investors to pare carry trades, in which they use funds from Japan to buy higher-yielding assets.
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