Khanani & Kalia International (Pvt) Limited Weekly Market Review on Sunday (September 14, 2008).
In the international market, the dollar fell the most against the euro since January 2006, pushing it down from a one-year high, on reduced demand for the greenback as a haven. The euro the Brazilian real and the pound advanced versus the yen as Lehman Brothers Holdings Inc negotiated with potential buyers, encouraging investors to reduce bets against higher-yielding assets. The dollar also declined versus the euro as traders increased speculation that the Federal Reserve will cut borrowing costs by the end of the year. The dollar fell 1.6 percent to $l.4222 at 4:19 PM in New York from $1.3998 yesterday, when it touched $1.3882, the strongest since September 18, 2007. The yen dropped 2.3 percent to 153.40 per euro, from 149.98 yesterday, when it reached 147.54, the strongest since August 11. 2006. Japan's currency decreased 0.7 percent to 107.88 per dollar, from 107.17.