KKI weekly market review

Khanani & Kalia International (Pvt) Limited Weekly Market Review on Sunday (March 16, 2008).
RUPEE/US DOLLAR: The US dollar posted gains versus the local currency amid rise in its demand in the kerb market this week. The American dollar opened new week's trading at Rs 62/70, continued to go up and was trading at Rs 62/85 at close of markets on Saturday. Thus rupee incurred a loss of 0/15 paisas versus dollar in the kerb. On the international desks, the dollar sank below 99 yen, to the weakest in 12 year, and slumped to a record low versus the euro after JPMorgan Chase & Co and the New York Federal Reserve bailed out Bear Stearns Co as credit market losses widen.
RUPEE/POUND STERLINGThe cable continued to gain against rupee in the kerb market amid demand in the local market and better performance on the international desk were the two main factors supported the pound to remain in the positive territory. Pound Sterling started off trading at Rs 125/95, recorded major gains and was trading at Rs 126/60 at close of markets on Saturday. Thus, rupee incurred a loss of 0/65 versus the British Pound.
RUPEE/EUROThe single currency remained all time high versus rupee in the open market amid demand of euro was high and internationally euro was trading on upbeat note therefore these factors helped the eurozone currency to remain record high. The 15-nation currency commenced new week 's treading at Rs 96/00, posted significant gains and was changing hands at Rs 98/15 at close of markets. Thus , rupee lost Rs 2/15 versus Euro in the kerb dealings this week.