Friday, 30 August 2013 | Trading in the forex market closed out August on a positive note as the last trading day of the week and month looked more like a Monday than a Friday. Authorised dealers bought the equivalent of US$53,792,009 and sold the equivalent of only US$39,649,381 for a significant difference of US$14 million.
September is usually a month of low inflows, so it will be interesting to see how things pan out. The central bank over the last four months have tried to flush out funds from the financial sectors with some amount of success but at a higher exchange and interest rates. The next few months should see capital inflows coming into the country as the Chinese are set to commence the road construction on the north south leg of the highway and this is likely to bring in inflows which could augment supplies. It’s a development worth watching.
Purchasing the US dollar amounted to US$46,082,798 at an average of $101.65, an increase of 18 cents over Thursday’s rate and US$34,753,701 was sold at US$102.08 for an increase of 35 cents for the day.
The Canadian dollar was bought for 97 cents more at $96.11 as C$1,581,241 was purchased and C$1,804,339 was sold at $97.82 an increase of 35 cents over the rate on Thursday. The British Pound purchases amounted to £3,890,382 at $157.57, increasing by $1.89 as only £1,881,887 was sold at 37 cents more than Thursday’s rate and ended at $158.54.
The highest rates for buying the currencies on Friday are US dollar 10 cents higher at $102.85, Canadian 80 cents more at $98.50 and 15 cents down for the British Pound at $159. The lowest rates for buying were US dollar, no change at $84.04; Canadian 12 cents more at $78.60 and a big drop of $28.65 for the British Pound at $100.
The highest rates for selling the currencies are US dollar 16 cents higher at $107.86; Canadian 48 cents more at $101.65 and $4.85 down for the British Pound at $161. The lowest selling rates were US dollar, $15.63 down at $84.17; Canadian 25 cents less at $94.45 and a big drop of $2.85 for the British Pound at $152.15.
