Khanani & Kalia International (Pvt) Limited Weekly Market Review on Sunday (August 19, 2007).
Thus, the local currency recorded a gain of 0/05 paisas versus dollar in the open market dealings. On the international desk, the dollar fell versus the euro for the first time this week after the Federal Reserves cut its discount lending rate to prevent credit market losses from slowing the economy. The dollar weakened against 14 of 16 major currencies as a reduction in borrowing costs dims the allure of U.S. assets. The decline today trimmed the dollar's weekly advance as investors had sought safely in the currency after a global rout of credit markets. U.S. and European stocks rallied.