Khanani & Kalia International (Pvt) Limited Weekly Market Review on Sunday (August 24, 2008).
The US currency commenced new week's trading at Rs 74/00, continued to post gains and was changing hands at Rs 75/50 at 12:11 pm local time on Saturday. Thus, rupee incurred a loss of Rs 1/50 versus greenback in the kerb market.
In the international market the dollar rose against the euro and the yen as a South Korean bank said it's 'considering" an investment in Lehman Brothers Holdings inc., indicating U.S. financial firms may weather credit market turmoil. The U.S. currency also gained versus the euro on bets yesterday's biggest drop since June was overdone and as crude erased a 5.4 percent increase. Federal Reserve Chairman Ben S. Bernanke said falling commodity prices, a stable dollar and slowing growth should stem inflation.