Forex Exclusive

British Pound hits all time high versus rupee in the local market and 26-year high versus dollar in the international market.The cable saw unprecedented rise in its value versus rupee in the open market dealings amid pound’s better performance in the international market. The wave of rise in price of pound sterling has continued from January 2007 and getting help from falls in price of dollars in the international market. The graph-1 below depicts the story of losses in the value of national currency versus the cable from January to April 2007: The upward trend in the graph-1 clearly shows the upbeat performance of the cable against rupee in the open market dealings in four months. Last four weeks research conducted by KKI Research Department portrays the picture following picture of gains posted by the cable: 24th Mar 2007:The cable kept making gains versus national currency in the kerb dealings this week. Pound Sterling set off new week’s trading at Rs. 117/80, continued to gain and changed hands Rs.118/70 at close of trading sessions on Saturday. Thus, rupee shed 0/90 paisas versus British pound in the kerb market.31st Mar 2007:Pound Sterling continued to go up versus rupee in the kerb market. The cable kicked off new week’s trading at Rs.118/65, continued to show robust performance and altered its position at Rs.118/90 at close of markets on Saturday. Thus, rupee shed 0/25 paisas versus British pound in the local market.7th April 2007:The cable showed both trends the upward and downward versus local currency. However, the British Pound ended week by posting a net loss of 0/40 paisas. Pound Sterling started off trading at Rs.119/30 on Monday and was trading at Rs.118/90 at close of markets on Saturday. In the international market main headline was that the Bank of England kept interest rates unchanged for the third consecutive month at 5.25%, a decision which widely expected. 14th April 2007:The cable continued to hit blows versus rupee in the kerb. Pound Sterling kicked off trading at Rs.118/60 on Monday and was trading at Rs.120/15 at close of markets on Saturday. Thus, rupee gave up Rs.1/55 paisas versus British Pound.