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Market trend shows no change

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Forex Research - Open Market Comments

The rupee continued to move forward without showing any change in the open market and hence trading continued to take place at the overnight exchange price of Rs. 84/05. The sentiments remained in favor of national currency as no major demand persisted with no such chances in the coming sessions too. According to the market dealers, the activity in currency markets have slightly picked up due to lackluster performance in the stock markets in the past one week or so. Further since dollar has also been showing some gains on the international desks, therefore, rupee is sensing a little pressure. But market is holding sufficient supply and thus is supporting rupee from falling any major grounds.On the international desks, major activity was seen in euro as flirted with the 1.30-level against the dollar, briefly tumbling below for the first time since April 2009. The single currency sold off on combination of persistent fears that the debt contagion will continue to spread throughout the Eurozone despite the unprecedented loan package to Greece.Lingering uncertainties over further spillover to Spain, Portugal and possibly Italy sent ripples through the global equity bourses with the European indexes selling off sharply.The market completely ignored upbeat US economic reports, released earlier in the session and consisted of March factory orders – which improved by 1.3% and the March pending home sales report. On a monthly basis, pending home sales climbed higher in March by 5.3% compared with an upwardly revised 8.3% previously. Pending home sales, on a yearly basis, also posted a strong advance – it’s strongest since October 2009 up 23.5%.

 

 

 

 Source : Kalpoint Content Department


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Forex Rates of Pakistan and charts are available from 1992 onwards