Ayaz Ali Messam
Senior Marketing Executive

Khanani & Kalia International (Pvt.) Ltd.

Pakistan's First ISO 9001 & 27001 Certified Exchange Company

On Tuesday, 1st July 2008
 
 
 
Rupee remains unchanged versus dollar in the open market
   

Rupee witnessed no change versus American currency in the kerb dealings today. The US dollar started off new day’s trading at Rs.68/60, remained motionless and ended the day at the same price at close of markets on Tuesday.

On the international market, the dollar eased against the yen on Tuesday as weaker equities and increased risk aversion supported the Japanese currency, but moves were limited as investors awaited U.S. data later in the session.

The low yielding yen tends to benefit when risk appetite falls and lower Asian and European equity markets saw investors buy the Japanese currency in favour of the dollar and euro.

"The yen is building on equity market weakness and with the current risk backdrop there is further downside potential for dollar/yen," said Daragh Maher, senior currency strategist at Calyon.

The yen was also supported as the Bank of Japan's closely watched tankan quarterly survey showed a smaller-than-expected decline in Japanese business sentiment.

 
   

 TODAY'S  MARKET ANALYSIS ARE UPDATED DAILY

 

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