KKI weekly market review

Khanani & Kalia International (Pvt) Limited Weekly Market Review on Sunday (July 13, 2008).
RUPEE/US DOLLAR: The national currency incurred record losses versus the US currency as dollar was trading above Rs 73/-mark in the kerb market. However, SBP's strong intervention on Tuesday helped rupee make sturdy comeback versus greenback. Overall, the US dollar commenced new week's trading at Rs 71/50 and on Saturday was trading at Rs 70/00 at close of markets. On the international desk, the dollar dropped to within a cent of the all time low against the euro on concern losses at Fannie Mae and Freddie Mac may deepen even after policy makers said the companies aren't facing a government take-over. Treasury Secretary Henry Paulson said the government is supporting the two largest buyers of US home loans in 'their current form.' The euro touched a record versus the yen as stock markets pared losses.
RUPEE/EURO The 15-nation currency traded on historic note against rupee in the kerb dealings this week. However, the single currency gave up major grounds on the local desk. Euro kicked off new week's trading at Rs 112/50, shed major grounds as declined in its demand and changed hands at Rs 110/20 at close of markets on Saturday. Thus, rupee made recovery of Rs 2.30 versus Euro in the kerb.
RUPEE/POUND STERLING Pound Sterling depreciated significantly against rupee in the open market as the local currency recovered Rs 3.60 on the local desk. Pound sterling commenced new week's trading at Rs 141/20, gave up major grounds and was trading at Rs 137/60 at close of markets on Saturday.