KKI weekly market review

Khanani & Kalia International (Pvt) Limited Weekly Market Review on Sunday (April 20, 2008).
RUPEE/US DOLLAR: The US dollar traded on historic note as it crossed Rs 64/00 for the first time versus the local currency in the last few years amid rising demand of the US dollar4 and increasing price of currency in the interbank market. As a result, rupee traded under servere pressure in the interbank and its impact was seen in the open market dealings too. The US dollar started off new week's trading at Rs 63/80, continued to remain strong and was changing hands at Rs 64/40 at close of markets. Thus rupee incurred a lose of 0/60 paisas dollar in the kerb market.
RUPEE/EUROThe 15-nation currency continued to gain versus rupee in the open market amid. Euro's demand continued to remain high in the local market. However, euro lost grounds against dollar in the international market on Saturday. The single currency opened new day's trading at Rs 100/80, recorded gains and changed hands at Rs 101/60 at close of markets. Thus, rupee ended the day on a negative note by incurring a loss of 0/80 paisas versus euro in the open market dealings.
RUPEE/POUND STERLINGPound sterling remained stronger versus rupee in the kerb dealing this week amid pound's demand in the local market and international market's performance were the main factors to remain record high. The cable kicked off new day's trading at Rs 126/00, continued to post gains and was trading at Rs 128/40 at close of markets. Thus, rupee registered heavy losses of Rs 2/40 versus UK pound in the kerb market. On the international desks, the pound appreciated 1.3 percent this week to within a cent of $2 on speculation the Bank of England may take mortgages off lenders balance sheet.