Khanani & Kalia International (Pvt) Limited Weekly Market Review on Sunday (April 27, 2008).
The American currency kicked off new week a trading at Rs 64/60, posted major gains and was changing hands at Rs 65/20 at close of markets on Saturday. Thus, rupee lost 0/60 paisas versus dollar in the kerb dealings this week. In the international market, the dollar posted the biggest three-day advance against the euro since June 2005 as traders increased bets the Federal. Reserve will stop cutting interest rates and the European economy showed signs of a slowdown.
The euro touched a three-week low against the dollar after a European Central Bank report said money supply growth slowed last month more than economists forecast. The Australian and New Zealand dollar dropped against all of the major currencies as lower commodity prices dimmed the outlook for growth.