On Jul 17, 9:02=A0am, Muhammad Javed Iqbal <kaleemjavediq...@[EMAIL PROTECTED]
>
wrote:
Here is the parity value of the paki rupee....at the most kaleem will
go and transfer 100 rials from Saudi Arabia to Pakistan,but like
International player of hedge funds speculating in international
currency, he wants parity value,dumb frigging muppet....here is an run
down on paki rupee parity value,he is going to play the paki markets
with a billion $,so for every upward change in the paki rupee value,he
is gonna rake in multi billions.....the paki rupee is on a downward
spiral,so lets see how the parity value helps him,he is George Soros
compititor.....abbey kaleem,frigging dildoe there is not going to be
much difference in exchange rate and parity value....except in
decimal values,the hedge fund players make money becoz of their huge
investment,where every decimal value,will make a diffrence.....for
paying your kirana store you don't require parity value....that too of
Japanese,Italian and wheresoever is godforsaken philline peso.
http://www.opfblog.com/1261/pakistan-rupee%E2%80%99s-downward-trend-continu=
es/
Overseas Pakistani Friends
A blog of overseas Pakistani friends
Pakistan Rupee=92s downward trend continues
In the local currency market, the rupee continued its downtrend versus
the American and European currencies. Demand for dollars by the
im****ters to meet their payment needs existed throughout the week.
However, sufficient supplies of the American unit, mainly due to
increased inflows of workers remittances, resisted the rupee from
breaking Rs64 barrier during this week.
Similarly, euro continued its advances versus the local currency.
Market players were expecting the euro to cross Rs100 mark anytime
this week, but the rupee managed to resist euro advances and the
market players noted some quick recoveries towards the close of the
week.
The rupee in the inter-bank market commenced the week on a positive
note in relation to dollar, gaining five paisa on the buying counter
and another six paisa on the selling counter to trade at Rs62.82 and
Rs62.84 on March 17 after the American currency managed to trim some
losses in the overseas market, hitting a record low versus euro and a
12-year low against yen following re****ts that J.P. Morgan Chase would
buy cash-trapped Bear Stearns and the Federal Reserve will further cut
its discount rate. Last week, the rupee in the inter-bank market had
closed versus the dollar at Rs62.87 and Rs62.90.
On March 18, however, the rupee failed to hold its overnight firmness
versus the dollar as it shed two paisa, changing hands at Rs62.84 and
Rs62.86 after the dollar plunged in the international market following
the Federal Reserve emergency step of cutting its discount rate and
opening up discount window lending to major investment banks, a tool
not used since the Great Depression. The latest data published on
March 18, showing a significant rise in home remittances sent by
overseas Pakistanis, provided sup****t to the rupee and resisted any
sharp fall against the dollar on March 19, when it traded almost
unchanged at Rs62.84 and Rs62.87.
The rupee in the inter bank market continued to weaken against the
dollar on March 20, further shedding four paisa on the buying counter
and three paisa on selling counter , changing hands at Rs62.88 and
Rs62.90. Trading in the currency market remained suspended on March
21, being public holiday on account of 12 Rabi-ul =96 Awal. During this
week, the rupee/dollar parity in the inter bank market remained intact
amid fluctuations.
In the open market, the rupee continued to weaken against the dollar
and lost 13 paisa amid higher demand to trade at Rs62.98 and Rs63.08
on the opening day of the week in review. On March 18, the parity
moved both ways in narrow range, gaining three paisa on buying counter
and losing two paisa on selling counter to trade at Rs62.95 and
Rs63.10. The rupee crossed Rs63 barrier on the third trading day as it
further lost 10 paisa for buying and five paisa for selling to trade
at Rs 63.05 and Rs 63.15 on March 19.
The downtrend in the rupee/dollar parity persisted on the fourth
trading day as the rupee slipped by another eight paisa versus dollar,
closing the week at Rs63.13 and Rs63.23 on March 20, as the local
currency market remained closed on account of public holiday on March
21, being 12 Rabi-ul-Awal. On ***ulative basis, the rupee in the open
market lost 28 paisa against the dollar this week. It had closed last
week at Rs62.85 and Rs62.95.
Versus the European single common currency, the rupee touched record
lows crossing Rs99 barrier on the first trading day of the week in
review, falling sharply by 125 paisa to trade at Rs99.25 and Rs99.35
on March 17, after closing last week at Rs98.05 and Rs98.15. The
rupee, however, managed to stage a turnaround by recovering 40 paisa,
changing hands at Rs98.85 and Rs98.95 on March 18.The rupee maintained
its overnight firmness against the euro on March 19, when it recovered
another 25 paisa and traded at Rs98.60 and Rs98.70. The rupee
continued its upward trend versus the euro on March 20, gaining
another 60 paisa to trade at
Rs98.00 and Rs98.10. In the last three successive days, the rupee had
recovered 85 paisa against the euro.
In the international financial markets, the US dollar tumbled to a
12-1/2 year low against the Japanese yen and also saw record lows
against the euro and the Swiss franc on the week=92s opening day, as
emergency liquidity-boosting measures by the Federal Reserve over the
weekend failed to ease worries about the US financial system. The
greenback sold off in reaction to the Fed cutting its discount rate by
25 basis points to 3.25 per cent and after the opening up of the Fed=92s
discount window lending to major investment banks, a tool not used
since the Great Depression. The Fed=92s move accompanied the purchase of
Bear Stearns by J.P. Morgan Chase for just $2 a share, less than one-
tenth of the bank=92s share price last weekend.
The US dollar slid as much as three per cent to below 96.00 yen on
March 17, its lowest since 1995, bringing year-to-date losses to more
than 13 per cent. It fell as low as 95.77 yen according to Reuters
data, and saw historic lows 0.9637 Swiss francs after breaking below
parity last week. The euro rose as high as $1.5904, having already
added around four per cent in the first two weeks of March, roughly
doubling its year-to-date gains. It last traded at $1.5745. Sterling
was down 0.4 per cent at $2.0107 against the dollar, which continued
to struggle elsewhere
On March 18, the dollar posted its largest single-day gain against the
yen in nine years and rallied against the euro after the Federal
Reserve cut the benchmark US interest rate by a less-than-expected 75
basis points to 2.25 per cent. Some investors had been betting the US
central bank could cut by as much as 100 basis points.
Analysis said while the cut was smaller than expected, there were
likely more to come. The US dollar is now the second lowest yielding
currency in the developed world thanks to the Federal Reserve=92s 75
(basis point) rate cut.
The dollar was up 2.43 per cent on the day versus the low-yielding yen
but, at 99.55 yen, stayed under the 100 mark breached last week. It
was the largest one-day percentage advance since February 16, 1999.
The dollar also managed to break back above parity against the Swiss
francs at 1.0013 Swiss francs. The euro was down 0.6 per cent at
$1.5635, it was the largest one-day percentage loss for the euro in
six weeks. Previous day=92s record peak for the euro/dollar was $1.5904.
Sterling was up 1.04 per cent on the day at $2.0189.
On March 19, the dollar fell against the yen as investors remained
bearish on the US currency amid concerns about the health of the US
economy and financial system. The dollar recovered from the day=92s lows
however, in part bolstered by news that regulators have lifted capital
limits on mortgages that Fannie Mae and Freddie Mac may purchase. That
could free up as much $200 billion in liquidity for the stricken
mortgage market. Still, the news was not enough to completely offset
the overall negative market sentiment on the dollar, as US interest
rates were still seen heading lower even after a 75 basis-point easing
to 2.25 per cent by the Federal Reserve.
In late New York trading, the dollar was down 1 percent against the
yen at 98.990 yen, trimming losses following the Fannie and Freddie
announcement. It hit a 13-year trough of 95.71 yen on March 17. The
dollar was also down 0.2 per cent against the Swiss franc trading at
1.0001 francs, way above record lows at 0.9637 struck last week. The
euro was down 0.1 per cent at $1.5608, down from the day=92s highs at
$1.5785 but up from the low of $1.5584. The euro/dollar touched a
record peak of $1.5904 March 17. Sterling fell to a two-week low
versus a broadly softer dollar, at $1.9863.
On March 20, the dollar rallied as investors took profits from oil,
gold and other commodities, repatriating their cash back into the
beleaguered US currency ahead of the Easter break. Oil was down almost
4 percent, dipping below $100 a barrel, gold flirted with its biggest
weekly loss in a quarter of a century, and platinum was well on track
for its steepest weekly decline in over 20 years. Trading was choppy
with Japan closed for the Spring holiday and as banks and funds
scrambled for funds over the long Easter weekend. Most of Europe is
shut on March 21 and March 24 for Good Friday and Easter break.
The European Central Bank and Bank of England pumped 15 billion euros
and 5 billion pounds, respectively, into the banking system on March
20 via short-term loans to help tide banks over the holiday period.
Japan=92s financial markets were closed on March 20.
Source: Daily dawn, 24/3/2008
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