Khanani & Kalia International (Pvt) Limited weekly review of currency notes on Sunday (April 23, 2006)
In Saturday's trading the US dollar did not show any change against the national currency and ended the week at the same price level of 60/15 at close of markets. Thus, the local currency lost 0/02 paisa versus dollar in the open marke this week.
On the international desks, the dollar resumed its declines after the Swedish Central Bank was the latest to shun the US currency, announcing that it has cut the proportion of its USD reserves from 37% to 20%, while raising its euro holdings from 37% to 50% of its $21 bln reserves in foreign exchange.
Although the Riksbank announced selling all of its 8% yeh portion, the Japanese currency gained more than a full yen against the dollar and the euro. The impact of the Rikbank the announcement on the euro was relatively modest as the central bank said it had implemented the reserve rebalancing over the past 2 weeks.