Currency Market Report

Saturday, 12 April 2008 17:00

Rupee/US Dollar
The American dollar remained the gainer versus the national currency in the kerb dealings amid demand of dollar was on the rise in the local market. The greenback commenced new week’s trading at Rs.63/40, continued to record gains and was changing hands at Rs.63/60 at close of markets on Saturday. Thus, rupee incurred another 0/20 paisas versus the greenback in the kerb. In the international market, The pace of the dollar's decline against the currencies of the U.S.'s major trading partners may slow after Group of Seven officials expressed concern about fluctuations in exchange rates, analysts said.

Rupee/Pound Sterling

Pound Sterling incurred losses against rupee in the kerb market. The cable started off new day’s trading at Rs.125/90, shed grounds amid decline in its demand and was changing hands at Rs.125/15 at close of markets on Saturday. Thus, rupee recovered 0/75 paisas versus British currency.

Rupee/Euro

Euro crossed Rs.100/- mark versus rupee in the open market amid the single currency’s performance remained better in the international market. The Euro zone’s common currency commenced new day’s trading at Rs.99/50, recovered major grounds and changed hands at Rs.100/65 at close of markets. Thus, rupee ended the day on a negative note versus euro in the open market dealings. On the international desk, the euro closed in on this week's record high, supported in part by speculation that top financial officials from the Group of Seven rich nations may not make a coordinated effort to talk up the dollar when they meet later in the day.

Rupee/Japanese Yen

Japanese Yen appreciated versus rupee in the kerb dealings this week. Yen commenced new week’s trading at 0/614, recovered grounds and was changing hands at 0/626 at close of markets on Saturday.

Source: KKI Research Department