Khanani & Kalia International (Pvt) Limited weekly market review.
The rupee once again took the driving seat this week and posted smart gains. Fresh week started on rupee's its overnight firm note and proceeded in the positive direction by adding further to the same. There was a decline in the demand US dollar which stood as the major supporting factor to the national currency. The major buyers remained sidelines while routine buying and selling took place. The buyers preferred to avoid any major transactions immediately after Eid holidays. The mix performance of green back on the international desks was yet another supporting factor for the national currency.
The weak performance of euro in the international market affected the standing of the currency here in the kerb as well and the rupee as a result enjoyed gains against the same through out this week. There was no significant buying and selling of euro and exchange prices continued to fluctuate through out under the international market trend. Euro was mostly weak in the international market which was directly reflected here in the kerb dealings as well. Euro started this week at Rs 78/00 and by showing a net loss of 0.50 paisa, was changing hands at Rs 77/50 at close of markets on Saturday. Euro stood as a major loser this week.
Sterling started this week on a positive note but with its falls against the US dollar in the international market lost the momentum here in the kerb as well during midweek and lost significant grounds. However, the currency retreated and brought pressure back on rupee and improved its standing till the close of markets on Saturday. Sterling started at Rs 112/- on Monday, went down till Wednesday and then came up again changing hands at its week opening price. The increase in the price of sterling at the weekend was mainly due to its upbeat performance against the green back in the international market.