Tuesday, 13th August 2013 | The forex market returned to normality with sales and purchasing of foreign currency almost equal but with a slight bias to selling over buying by a million dollars as US$31 million was bought and US$32 sold. The market may well be settling down as can be seen from the fairly stable rates this week and may remain that way for the rest of August. Thereafter it will depend on the central bank and what it plans to do in providing liquidity from September to November, a historic period of less foreign currency inflows.
Just as was the case on Monday, rates for changing the currencies remained fairly settled as 16 cents was added to the buying rate for the US dollar which ended at $101.29 with only a cent increase for the selling rate of $101.87. The Canadian dollar rate dropped by 51 cents on the buy side to end at $96.66 and 56 cents on the selling rate to close at $98.23. It took 42 cents less for dealers to purchase the Pound at $155.03 and 9 cents less when they sold it at an average of $157.88.
Highest lowest | Movements in the highs and lows were mixed and were well contained except for the lowest selling rate for the pound which increased by $2.50 and closed at $152.50. The highest buying rate for the Pound was lower by 35 cents to $157.75 and the highest sell rate fell by 48 cents to reach $164.73. The lowest buy rate slipped by 37 cents to $127.78.
Buying of the US dollar was as much as $102.15, a decrease of 35 cents over the prior rate but the lowest rate paid by them inched up by 8 cents at $83.75. Selling took place as high as $107.32, while they sold the dollar as low as $83.67, the same rates as on Monday.
The Canadian currency fetched as high as $99, just 10 cents lower than on Monday but the lowest rate was $79.76, up just 8 cents. It took 11 cents more when selling at the highest rate of $102.83 and 80 cents less for the lowest sell rate of $95.20.
