Friday, 15th November 2013 | With just one month to the start of the winter tourist season and the advent of Christmas when the inflows of foreign exchange will increase, the question is whether the top of the foreign exchange market in terms of ratesvis near? The question is relevant in light of this week’s trading in the forex market where the rates have reflected a greater level of stability all week long.
The total foreign currencies traded on Friday amounted to the equivalent of US$24,561,809 and selling amounted to US$27,302,542. Currency denominated in US dollars amounted to $21,565,152 as the rate gained 8 cents to end at $104.97 and US$22,863,674 was sold with the rate gaining a cent to end at $105.59. The Canadian denominated currency traded C$1,128,401 as the rate gained 40 cents to close at $98.99 and C$750,162 was sold down 28 cents at $100.89. The British Pound purchases amounts to £1,114,892 but the rate fell $1.11 to end at $167.48 and selling was £1,994,243 for an increase of 17 cents, ending the day at $170.96.
Highs & Lows | The highest buying rate for the US dollar was $106.80, a gain of 15 cents but there was no change to the lowest buying rate of $ 85.50; the highest selling rate moved down by 58 cents to $108.99 and a large $16.94 decline to $85.46.
The highest buying rate for the Canadian dollar was $101.15, a decline of 85 cents with no change to the lowest rate of $79.93; the highest selling rate moved down by 16 cents to $103.34 and the lowest moved down by all of $14.41 to $81.89.
The highest buying rate for the British Pound was $171.00, a fall of a dollar and the lowest was up 62 cents up to $134.75. There was no change to the highest selling rate of $173.71 or the lowest of $162.35.
Image courtesy of StuartMiles/FreeDigitalPhotos.net
