Wednesday, 4th September 2013 | As the level of buying of foreign currency falls well below demand, the selling rates for all three major currencies appreciated against the local currency with the US dollar selling at 3 cents more than on Tuesday at $101.17 as $24.84 million were sold versus US$20.4 million bought at an average of $101.33 a 16 cents decline on Tuesday’s closing rate.

The Canadian dollar was sold on average for 47 cents more than Tuesday’s closing rate for C$883,200, while the currency was bought at 8 cents lower than on Tuesday and closed at $95.21 as $592,000 was purchased. The Pound Sterling buying rate increased by $1.08 to close at $157.88 as £1,167,212 and £945,113 was sold at 62 cents higher at $159.81.

For the US dollar, the highest buying rate gained 10 cent to $103.00, lowest buying rate was unchanged at 84.17 while the highest selling rate was 3 cents higher at the close at $107.86 and the lowest declined by $15.31 to close at $84.04.

All of the highest and lowest rates for the Canadian dollar climbed with the highest buying rate increasing by 15 cents to $97.50, the lowest was up 8 cents to 78.35. The highest selling rate for the Canadian was up by 21 cents to $101.22 and the lowest moved up by 25 cents to $94.65.

The Pound sterling saw the highest buy rate moving up 25 cents to $160.20 with the lowest being up $6.06 to $135.29. The highest selling rate was down $4.44 to $162.16 and the lowest down 30 cents $154.15.

Tuesday, 3rd September 2013 | US$34,553,830 was purchased by dealers as the buying rate rose by 34c to an average of $101.49 and dealers sold US$32,447,951 at $102.137, an increase of 3 cents, the Canadian was purchased at $95.289 up 42 cents for C$923,276 while C$874,494 was purchased at 78 cents higher than Monday’s rate to close at $97.632. The British Pound traded at $156.806, an increase of 84 cents as £1,352,743 was purchased and £853,085 was sold for $159.189, an increase of 21 cents.

The equivalent of US$37.85 million was purchased and $34.85 million sold bettering yesterday’s take.

Dealers purchased the US dollar as high as $102.90 at 10 cents higher than on Monday and the bought as low as $84.17 which was the same rate as Monday’s low. The US dollar was sold as high as $107.89, lower by 88 cents than the rate at the close of Monday and sold as low as $ 99.35 reflecting a $15.31 increase.

The Canadian dollar was bought as high as 97.35, off 5 cents and remained unchanged for the lowest buying rate at $78.27; the highest selling rate came in at $101.01 down by 64 cents and 10 cents was added to the lowest selling price, which closed at $94.40.

The Pound gained all round with the highest buying rate closing at $159.95, which is 65 cents more than on Monday and lowest buy rate climbed 79 cents to end at $129.23. The highest rate that sales took place at is $166.60 up $1.02 and the lowest rate came in at $154.45 up $1.55

Monday, 2nd September 2013 | Trading for the first day of the week and month of September was unusually low for a Monday, but the heavy trading on Friday when US$53.8 million was purchased and US$39.65 million was sold may have robbed the market of much activity as just US$23.27 million was purchased with US$28.4 million sold.

Authorised dealers purchased US$19,593,289 at a buying rate of $101.1463 down 50c from Friday’s closing rate and sold US$26,278,288 at an average of $102.109 up 3c at the end of the day. The buying rate for the Canadian dollar fell $1.24 to close at $94.8671 as C$1,009,449 was purchased and sold C$515,019 at an average of $96.8504 down 97c. £1,562,581 was purchased at an average of $155.9639 representing a decline of $1.61 for the day and sale of £776,054 took place at an average of $158.981 up 44c.

There was much variation in the highest and lowest buying and selling rates amongst the three main currencies. The highest buy rate for the US dollar fell by 5c to end at $102.80, while the lowest was up 13c at $84.17 and selling was as high as $108.77 up 91c, while the lowest fell 13c to $84.04.

In the case of the Canadian dollar, the buy rate at its highest dropped $1.10 to $97.40 and the lowest fell 33c to $78.27 while selling took place as high as $101.65 with no change at the end and the lowest slipped 15cto $94.30.

The British Pound traded as high as $159.30 buying with the rate increasing by 30c, the lowest increased by $28.44 to end at $128.44 while the highest selling rate moved up by $4.58 to $165.58, and the lowest increased by 75c to close at $152.90.

Image courtesy of Marcus/FreeDigitalPhotos.net

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.