KKI weekly market review

Khanani & Kalia International (Pvt) Limited Weekly Market Review on Sunday (August 31, 2008).
RUPEE/US DOLLAR: The national currency showed signs of recovery against the US currency in the kerb market this week. The US dollar commenced new weeks trading at Rs.76/30, shed grounds and was changing hands at Rs.76/00 at 11:06AM local time on Saturday. Thus, rupee recovered 0/30 paisas versus greenback in the kerb market. On the international market, the dollar declined against the yen as government reports showed consumer spending slowed and personal income dropped in July.
The greenback posted its biggest monthly advance against the euro since the European currency began trading in 1999 and its longest gain versus the yen since 2002. The yen appreciated against all of the other major currencies after Japan's government announced plans to spend about 2 trillion yen ($18 billion) to revive the world's second-largest economy.
RUPEE/EUROThe single currency shed grounds versus rupee in the open market this week. Euro started off new week's trading at Rs.112/50, gave up grounds and was changing hands Rs.111/20 at 11:06 AM local time on Saturday. Thus, rupee recovered Rs.1/30 versus the 15-nation currency.
RUPEE/POUND STERLINGThe cable gave up significant grounds versus rupee in the open market this week. Pound Sterling kicked off new week's trading at Rs.141/25 incurred significant losses and was changing hands at Rs.138/20 at 11:06 AM local time on Saturday. Thus, rupee posted a recovery of Rs.3/05 paisas versus the British pound.