Monday, 1st July 2013 | As was the case on Friday, authorised dealers bought much more foreign exchange than they sold. Unlike Friday, when the excess buying over sales is an unusual occurrence, today’s trades are in line with the long term market trend where Mondays are usually the highest day for inflows as week-end flows are sold into the financial system.
The total amount of purchases on Monday amounted to US$41.6 million, more than $9 million over Friday’s purchases of US$32.2 million and the amount sold amounted to US$33 million, $8.6 million more than Friday’s US$24.5 million. While the actual selling of US currency was $7.4 million less than purchases of $38.26 million.
The selling rate for the US dollar inched down by just 4 cents and the buying rate went up by 7 cents. There was also more buying of Pound Sterling and the Canadian dollars than the amounts sold to end users.
The average selling rate for the Canadian dollar gained 14 cents while the buying rate fell $1.43. The rate for buying the Pound, which fell $1.18 on Friday, declined further by $1.21 to close at $151.54 and was down only 40 cents on the selling rate which ended at $154.07.
There were no changes for the minimum buying rates for any of the currencies, while the highest buying rates moved up by 10 cents for the Canadian dollar and also went up for the selling rates with the highest climbing 70 cents and the lowest by 20 cents. The highest buying rate for the US dollar moved down by 15 cents as the highest selling rate moved up 53 cents with no change for the lowest selling rate. The Pound declined for the highest buying rate which fell by $1.50 and the highest selling rate moved down by $1.12 and 10 cents for the lowest selling rate.
