Foreign Exchange for Business

UKForex offers excellent rates on foreign exchange for businesses. Whenever you make a purchase or sale which involves a foreign currency, UKForex can save you money through better exchange rates and low (or often no) fees. UKForex offers an easy and convenient system to view live rates, store your beneficiary details, lock in deals and view details of past transactions.

Having access to dedicated analysts and dealers is out of the question for most small businesses. However, UKForex provides expert dealers to discuss your foreign exchange needs and to help formulate strategies to reduce your foreign exchange risk. The UKForex system is extremely transparent and allows you to view the interbank rate and the rate you will receive. There are no commissions or hidden fees.

For a fresh approach to your currency needs, call us now to speak to one of our foreign exchange specialists. Our toll free numbers are:

Canada 1800 680 0750
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Great Exchange Rates
UKForex transacts thousands of deals per month for our vast client base. With our access to interbank markets we can pass on great savings to you in terms of super-competitive exchange rates. We will not be beaten!

Dedicated Dealer
As foreign exchange specialists, UKForex will provide you with an accredited dealer who will offer you general foreign exchange advice and clearly explain our products and services. This ensures we will find the best solution for your forex needs.

Product Range
UKForex provides an extensive range of products and services that will ensure there are no unpleasant surprises and can manage your currency payments and risks effectively. We offer spot and forward contracts, limit and stop loss orders, market advice, bulk payment and billing facilities.

Great Technology & Excellent Service
Our sophisticated dealing system puts you in control and gives you all the information you need to make your forex transfers. However, that's just part of the story. At UKForex we are dedicated to high quality, real time, personal service that is unrivalled in our industry.

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FOREX AND GOLD

Forex Update:
KARACHI, Oct 22: The Pakistani Rupee was traded at 83.70 to the US Dollar in the open market. (Bureau Report) (Updated @ 15:30 PST)

Spot rates for public per unit of currency
October 21, 2009
Countries		Selling	Buying	Buying
		T.T & O.D	T.T Clean	O.D/T.Chq
U.S.A.		83.4	83.2	83.02
U.K.		136.53	136.2	135.89
Euro		124.35	124.06	123.78
Canada		79.41	79.22	79.01
Switzerland		82.26	82.07	81.85
Japan		0.9189	0.9167	0.9143
Saudi Arabia		22.24	22.19	22.13
Source:-APP

Exchange Rates for Currency Notes
Countries		Selling	Buying
		Rs.	Rs.
Japan		0.9281	0.9051
Euro		125.6	122.55
U.A.E		22.93	21.01
U.S.A		84.23	82.19
S.Arabia		22.46	21.91
U.K		137.89	134.53
Source: -APP

Bullion rates in Rupees per 10 grams
on October 21, 2009
KARACHI
Gold Tezabi (24-ct)	Rs 28,671
Silver Tezabi (24-ct)	Rs 437.14
NOTE: Rates from Hyderabad, Lahore and Multan not received.—APP

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WORLD FOREX: Dollar Remains Stronger On Recovery Concerns

NEW YORK (Dow Jones)--The dollar remains stronger late Thursday morning as U.S. stocks slipped and disappointing U.S. economic data added to concerns over a global economic recovery.

The Institute for Supply Management, a private research group, reported Thursday that the U.S. manufacturing activity expanded more slowly last month than economists expected.

The ISM index of manufacturing activity moved to 52.6 in September, remaining above the key level of 50, anything above which indicates expansion. But September's reading was below the 54.0 figure expected by economists polled by Dow Jones Newswires.

Earlier Thursday, modest gains in U.S. personal income and spending were offset by a worse-than-expected weekly jobless report, leading the euro to hit an intraday low against the dollar before retracing some of its losses by late morning. The common currency remained down on the dollar for the day. The Dow Jones Industrial Average had slipped more than 140 points by late morning in New York.

Overnight comments by an E.U. official had sparked a euro decline, as E.U. Economic and Monetary Affairs Commissioner Joaquin Almunia said the euro group will be discussing the euro's appreciation to prepare its position ahead of the G-7 meeting in Istanbul this weekend.

That prompted a sharp sell-off, pushing the euro back under $1.46.

"Data from the euro zone continues to confirm that the economies have bottomed, but that the recovery is fragile and that the consumer is still under the pressure of rising unemployment," said Camilla Sutton, currency strategist at Scotia Capital in Toronto.

Late morning, the euro was at $1.4527 from $1.4636 late Wednesday. The dollar was at Y89.62 from Y89.75. The euro was at Y130.27 from Y131.36. The U.K. pound was at $1.5972 from $1.5990, while the dollar was at CHF1.0430 from CHF1.0369.

Currencies are likely to continue trading in tight ranges for the rest of the New York session as markets wait for Friday's September non-farm payrolls number, considered a key indicator of economic health. The payrolls number is expected to improve, but a disappointment could spook the market.

The market is "nervous" ahead of the week's remaining data, especially considering Wednesday's disappointments, Sutton said.

Meanwhile, the Brazilian real continued to show strength, though it was off its 12-month high against the dollar hit Wednesday. The dollar traded recently at BRL1.7767, from opening at BRL1.7720.

Brazil announced Thursday its foreign trade surplus narrowed in September as imports gained ground amid an expanding economy.

The Brazilian Central Bank also may increase its benchmark Selic interest rate before the end of 2009 to eliminate any inflation risks, local newspaper Folha de Sao Paulo reported Thursday.

According to the newspaper, Central Bank President Henrique Meirelles told Brazilian President Luiz Inacio Lula da Silva this week that an early rate hike might be necessary to make sure inflationary pressures don't get in the way of Brazil's 2010 economic recovery. The newspaper cited unnamed sources in its report.

Contacted by Dow Jones Newswires, central bank and presidential press officers made no comment on the report.

A signal that its central bank may increase key interest rates fuels investors funneling into the real just as much as Brazil's strong economy, said Stuart Bennett, senior currency strategist at Calyon in London.

Separately, U.S. Federal Reserve Chairman Ben Bernanke told lawmakers Thursday that the dollar's status as a global reserve currency isn't at risk in the near term, but warned that could change if fiscal deficits aren't brought under control.

When asked during Congressional testimony about comments by World Bank President Robert Zoellick that the dollar will face increasing competition as a reserve currency, Bernanke said he agrees with two points.

He agreed with Zoellick that "there's no immediate risk to the dollar, it's a relatively long-term issue," Bernanke said.

"I also agree with him, though, that if we don't get our macro [economic] house in order that that will put the dollar in danger, and that the most critical element there is long-term fiscal stability," he said.

(Rogerio Jelmayer in Sao Paulo and Tom Barkley and Maya Jackson Randall in Waashington contributed to this article.)

-By Bradley Davis, Dow Jones Newswires; (212) 416-2654; bradley.davis@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=6adYHPR%2BcBp1XAN9MyupeA%3D%3D. You can use this link on the day this article is published and the following day.

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Dollar remains near 14-month low vs euro

* Dollar struggles, euro not far from 14-month high

* Analysts say Fed thought likely to keep rates low

* Market watches euro zone meeting for FX comments (Updates prices, adds comment, adds detail, changes byline)

By Nick Olivari

NEW YORK, Oct 19 (Reuters) - The dollar hovered near a 14-month low against the euro on Monday as investors bet the Federal Reserve will hold U.S. interest rates near zero well into the coming year.

Though the U.S. economy is expected to have exited recession in the third quarter, investors expect rising unemployment will keep the Fed from lifting interest rates quickly. That would diminish the dollar's appeal and encourage investors to buy higher-yielding, higher-risk currencies and assets instead.

The euro traded within half a cent of $1.50, a level not seen since August 2008.

"The dollar remains a victim of U.S. fiscal and monetary policies," said Andrew Bekoff, chief investment officer for Family Office Group in New York. "The current Federal Reserve policy remains accommodating. This serves to keep rates low and spending by the government high."

High-yielding currencies such as the Australian and New Zealand dollars hovered near multi-month highs against the greenback while U.S. earnings optimism lifted Wall Street.

The euro rose as high as $1.4965, according to Reuters data, and was last at $1.4944, up 0.3 percent from late Friday. Analysts said a test of $1.50 was still likely in the days ahead.

"The global growth story is getting better. The U.S. economy has improved, so everyone is selling dollars and buying emerging markets. The data justifies the risk," said Sebastien Galy, senior currency strategist at BNP Paribas in New York.

Traders were on the lookout for possible remarks on euro strength and dollar weakness at a gathering of euro zone finance officials in Luxembourg, although analysts said the group was unlikely to significantly talk down the euro.

"Maybe we will discuss the euro, but it's not the main focus point this evening," said Austrian finance minister, Josef Proell.

On a trade-weighed basis, the euro jumped to 118.82 on Friday, close to historic highs, though it eased to 117.00 on Monday. The euro has appreciated nearly 7 percent against the dollar this year.

YEN, AUSSIE GAIN; STERLING STRUGGLES

The dollar was down 0.3 percent at 90.63 yen and slipped 0.5 percent lower to 1.0126 Swiss francs. The Australian dollar rose 1.2 percent to $0.9267, near a 14-month peak, after a central bank official said a return to normal monetary policy was appropriate.

The Reserve Bank of Australia raised rates to 3.25 percent this month, the first major central bank to hike rates since the global economic crisis began.

Sterling climbed to a four-week high against the dollar on Monday, with market positioning, strength in global stocks and a report on the UK housing market all helping the pound claw back earlier losses.

Sterling had traded lower against the dollar and euro for most of the European session on Monday after a Bank of England policymaker said the central bank should continue its quantitative easing programme because the financial system has yet to fully recover.

Sterling last traded up 0.3 percent against the dollar atr $1.6403 GBP=>.

The New York Fed added to dollar woes on Monday when it said reverse repo tests did not mean it was ready to use this tool to drain money from the banking system. ID:nNYS005510 In a reverse repo, the Fed sells assets such as Treasuries for cash with an agreement to buy them back later, effectively tightening policy by draining money from the banking system.

The Fed has also been buying assets such as mortgage-backed debt, and some analysts said it could lend the dollar modest support by winding down those purchases while still holding rates near zero.

"Such a move would steepen the yield curve and make the dollar more attractive versus the yen on an interest rate differential basis, possibly pushing the pair to 95 yen," said Boris Schlossberg, research director at GFT Forex in New York.

Comments from Federal Reserve Chairman Ben Bernanke had little impact on currency markets.

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Gold finds new range between $990 and $1020

During the last week we saw the gold price see-saw between $990 and $1020, while the value of the dollar weakened and then strengthened and oil prices went higher and then lower. The correlation between the US dollar and the gold price is very interesting. A falling dollar usually pushes gold prices up, so when the dollar falls, gold usually rises. For instance, the dollar is down 15% in 2009, while gold is up 15% in 2009.

The one thing that caught my eye was a report by the IMF. In their semiannual report the Global Financial Stability Report (GFSR).,released on September 30, the GFSR calculates that actual and potential write downs from bad assets such as loans and securities have fallen by some $600 billion over the past six months-from about $4 trillion to $3.4 trillion, as a lessening in financial stress has narrowed spreads. Although write down estimates are subject to considerable uncertainty, the analysis shows that the financial system is on the mend. However, the GFSR estimates that commercial banks have already recognized $1.3 trillion through the first half of 2009, but face another $1.5 trillion of potential asset write downs ahead. Hence, overall, banks have recognized slightly less than half of their expected losses. U.S. banks have recognized slightly more than have those in the United Kingdom and euro area.

According to Peter Dattels and Laura Kodres of the IMF Monetary and Capital Markets Department, banks will still have to raise more capital, and that there may well be another large round of losses ahead. The global recovery, and especially the recovery in the US, has been hampered by an ongoing lack of access to credit. Another round of bank losses could make that problem worse and, in the process, tighten the credit markets again. That could break the back of an economy that is improving in very small increments.

When the U.S. Labor Department released its latest U.S. Nonfarm payroll figures for September which fell 263'000, (economists expected a decrease of 175, 000), the gold price first dropped to 987.50 offered, the day's low, before being bought straight back up as the euro gained strongly against a faltering US dollar, trading eventually back above 1.4600. Gold pushed all the way up to 1007.50 bid, the day's high. Later, the U.S. Commerce Department reported U.S. factory orders fell 0.8%, more than the 0.6% drop predicted by analysts. Gold lost some momentum and settled into trading around 1002 bid, eventually closing around $1003.

Technicals

Towards the end of August, the gold price broke to the up-side of an ascending triangular pattern, and then rallied to just under $1030. Since then, it seemed as if the price ran out of momentum and has been trading gradually lower. Technically speaking this is not uncommon, and it is possible for the price to trade back to the level of the previous resistance which is around $980. However, at this point, it could very well find major support and then begin it's next leg upwards.

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US stocks fall despite housing gains

New York - US stocks fell on Tuesday amid a drop in consumer confidence and concerns about unemployment, even as data showed housing prices soared in July by the most in four years.

Consumer confidence dropped fell to 53.1 points from a revised 54.5 in August, amid rising unemployment, the New York-based Conference Board said Tuesday.

Investors were also concerned about September unemployment figures that are due out Friday. The US unemployment rate jumped to 9.7 per cent in August, soaring to a 26-year-high, as employers slashed an additional 216,000 jobs.

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Pak Rupee weaker against dollar

Local currency market was closed for three days from September 21 to 23 on account of Eid-ul-Fitr celebrations.

When the market opened on September 24 it was still in festival mood. The rupee-dollar parity rates moved both ways amid higher demand for greenback. On the inter-bank market the rupee posted fresh gain of five paisa against the dollar which traded at Rs82.95 and Rs83. after closing the previous week at Rs83 and Rs83.05.

The rupee did not show any change against the dollar on the last trading day of the week in review as the dollar continued to trade at its overnight level on September 25. However, the dollar in the inter-bank market has gained Rs4.80 in relation to rupee in the past 12 months. The parity was changing hands at Rs78.15 and Rs78.20 September 26 last year.

In the open market, the rupee commenced the week on negative note amid hectic buying of dollar as market reopened after celebrating Eid. Due to higher demand for dollar, the rupee came under pressure and shed 15 paisa against dollar, changing hands at Rs82.85 and Rs82.95. The rupee had closed previous week at Rs82.70 and Rs82.80.

On September 25, there was no gap in the inter-bank and open market rates of dollar as it was trading at Rs82.90 and Rs83.00 after the rupee shed five paisa versus dollar on the last trading day of the week in review.

This week, the rupee in the open market lost 20 paisa against the dollar due to rise in dollar demand in the last trading session. Over the past 12 months however, the rupee in the open market has lost Rs4.70 against the dollar on the buying counter and another Rs4.40 on the selling counter. The dollar was trading in the open market at Rs78.20 and Rs78.60 on September 26 last year.

Versus the European single common currency, the rupee opened the week on dismal note, losing 65 paisa to trade at Rs121.30 and Rs121.80 on September 24 after closing at Rs120.65 and Rs121.15 in the previous week. The rupee, however, managed to gain 38 paisa versus euro on the buying counter and another 40 paisa on the selling counter September 25 when it was changing hands at Rs120.92 and Rs121.40 following persistent rise in the international market. During the week in review, the rupee managed to gain 27 paisa against euro on the buying counter and 25 paisa on the selling counter. However, it has lost Rs7.32 on the buying counter and Rs7.70 on the selling counter in the past 12 months when euro was trading at Rs113.60 and Rs113.70.

On the international front, the dollar climbed broadly on the opening day of the week, hitting a near two-week high against the yen in New York as investors reduced bets against the greenback ahead of a monetary policy meeting by the Federal Reserve this week. The dollar rose more than one per cent against the yen after speculative flows pushed it higher, though the gains were subsequently pared. Trading in Asia was quiet as financial markets in several major markets were closed for local holidays.

In late New York trading, the euro slipped 0.2 per cent to $1.4672, easing from $1.4766 hit late last week, which was its strongest since September 2008, according to Reuters data. Against the yen, the dollar was up 0.8 per cent at 92.04 yen, near a peak of about 92.53 yen, its highest since Sept. 9. Against the dollar sterling was down 0.6 per cent at $1.6175, near $1.6134 hit earlier in the day for its weakest level in nearly three weeks.

On September 22, the dollar dropped broadly hitting a one-year low against the euro as optimism about a global economic recovery dented safe-haven demand ahead of a Federal Reserve meeting and Group of 20 summit this week. Traders took advantage of a dollar rally in the prior session to sell on views the Federal Open Market Committee will signal plans to maintain loose monetary policy well into 2010 to promote the recovery.

In late trading, the euro was up 0.8 percent at $1.4796 after options-related demand and strong Asian buying pushed it above $1.48 for the first time since September 2008. With no major economic data on the calendar, traders said $1.4825 may be the next target in euro-dollar, with many predicting an eventual move back to $1.50. The dollar fell 0.9 per cent to 91.14 yen and 0.8 per cent to 1.0231 Swiss francs, near a 14-month low touched earlier. Sterling rose 1 percent to $1.6359. The euro rallied to a year-high against the dollar, rising as high as $1.4821.

On September 23, the dollar rebounded from a one-year low against the euro as US stocks reversed gains sparked by an optimistic statement from the Federal Reserve on the economic outlook. The dollar had earlier sold off after the Fed said US economic activity had picked up after a severe downturn and renewed its pledge to keep rates exceptionally low for an extended period to support the recovery.

The euro rose as high as $1.4842, according to Reuters data, its highest level since September 2008. It last traded down 0.4 per cent at $1.4728. The dollar rose 0.2 per cent to 91.34 yen. Sterling rallied more than half a percent on the day to a session high of $1.6456, having jumped a full cent soon after the minutes were released. It traded at $1.6402, up 0.3 per cent on the day.

On September 24, the euro was down 0.5 per cent at $1.4650, off a session high of $1.4803 and a one-year peak of $1.4842 hit a day ago. The dollar was little changed at 91.23 yen, though that was well off a 90.36 session low. The euro was risen five per cent against the dollar this year. Sterling fell 1.8 per cent to $1.6049, dropping below $1.61 for the first time since July.

At the close of the week on September 25, the euro edged up 0.2 per cent to $1.4690 after falling as low as $1.4614 earlier in the day. The dollar fell 0.8 percent against the yen to 90.57 yen as the Japanese currency rose broadly, helped partly by its sharp gains versus the pound. Sterling slid further to a four-month low against the dollar as a break of major support levels triggered a wave of stop-loss sales. The pound extended its slide, falling below major support at $1.60. It dropped as low as $1.5917, its lowest since early June, before edging back to $1.5989, down 0.4 per cent on the day.

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Commercial Banks

In the world of Foreign exchange market, the maximum control is in the hands of huge multinational banks and organizations. This is because of the fact that their everyday degree of actions of trading and market cross over billions of dollars. With such a huge figure in their hands, it would not be wrong to say that these commercial banks use up an indispensable amount of exchange transactions. The banks can be said to gather through all their clients, the growing and collective wants of the market for currency exchange. Also, in addition to agreement of clients’ purposes, the banks can sometimes trade for their own operations for their own means too. Some of the well known international banks which are successfully involved with Foreign Exchange are Chase Manhattan Bank, Deutsche Bank, Citibank, Standard Chartered Bank and Barclays Bank to name a few. Their huge quantities of transactions can lead to noteworthy alterations in the currency rates. Mostly these big commercial banks are divided into Bulls and Bears. Bulls Bulls are those Forex market members who are concerned with the escalating of currency rates.Bears Bears are those Forex market members who are concerned with the depression of the currency rates.

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