Khanani & Kalia International (Pvt) Limited Weekly Market Review on Sunday (March 02, 2008).
However, dollar posted a gain of 0/10 paisas rupee at close of market. The American dollar commenced new week's trading at Rs 62/50 and was changing hands at Rs 62/60 at close of market on Saturday. On the international desk, the dollar fell to a three-week low against the euro on speculation the Federal Reserve will cut borrowing cost to avert a recession while European policy makers keep rates on hold.
The U.S. currency declined against 15 of its 16 most-active counterparts and fell to within a cent of a record low versus the euro as trader bet the Fed will lower rates a half -point next month. The dollar fell to the lowest level in the three years versus the yen and touched the weakest ever against the euro after the Federal Reserve signaled the currency's decline may be helping the U.S. economy.