Khanani & Kalia International (Pvt) Limited Weekly Market Review on Sunday (June 29, 2008).
Thus, rupee incurred a loss of 0/20 paisas versus dollar in the kerb dealing. In the international market, the US dollar weakened to a two-week low versus Japanese yen and moreover, yen advance versus the euro as a stump in stock markets around the world reduced demand for higher-yielding assets funded by loans in Japan.
On the international desk, the euro depreciated against the yen as Ordonez, who is also governor of the Bank of Spain, told reporters in Rome today that an increase in the ECB' s 4 percent main refinancing rate on July 3 "is not certain, but possible." ECB President Jean-Claude Trichet said in early June that policy markers may raise rates by a small amount.