Friday, 25th October 2013 | There were signs of softening of rates for the purchase of foreign currency as evidenced in an across the board reduction in the maximum and minimum buying and selling rates except for the US dollar that had virtually no movement.
The move suggests that traders are somewhat cautious in buying at high rates, which should dampen the average selling rate going forward. Additionally, trading on Friday resulted in more buying than selling of foreign currencies by nearly US$11 million. Total forex purchased by dealers amounted to the equivalent of US$40,941,378 while US$30,097,925 was sold to the public.
The highest and lowest buying rate as well as the highest selling for the US dollar remained unchanged at $106.00, $85.17 and $109.14 respectively, but the lowest selling rate dropped $2.02 to end at $85.17.
The highest buying rate for the Canadian dollar remained the same as on Thursday at $102.50 but the lowest went down by 45 cents to $80.18. At the same time, the highest selling rate slipped 65 cents to $104.10 and the lowest was down $1.75 to $96.60.
The British Pound was bought as high as $171.50 a $1 reduction and was as low as $135.71, just 8 cents down, while selling was as high as $172.84, down $2.43 and as low as $163.50, off by just 10 cents.
There was purchasing by dealers of US$37,825,365 with the rate moving up 10 cents to $104.61 and the amount sold was US$28,190,795 at 7 cents up at $105.07. There was buying of C$1,153,658 for 42 cents less at $99.43 than on Thursday and selling of C$647,353 at a rate of 70 cents lower at $100.82. Pound purchases amounted to £1,170,706 at 24 cents down at $167.68, selling £644,752 was for $170.186, for 27 cents increase.