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Exchange rate plummeting - where is it going?

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ozankoys


Joined: 20/06/2008
Posts: 905

Message Posted:
02/06/2011 08:23

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Message 1 of 8 in Discussion

See the exchange rate is going down this week, what is the forecast?



bazilbrush


Joined: 29/03/2008
Posts: 404

Message Posted:
02/06/2011 08:55

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Message 2 of 8 in Discussion

I reckon it may climb to around the 2.67 to the area in the next week or two, and then drop down again slowly over the following couple of months.



ozankoys


Joined: 20/06/2008
Posts: 905

Message Posted:
02/06/2011 09:11

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Message 3 of 8 in Discussion

Hi but it has gone down to 2.55 this morning!



ozankoys


Joined: 20/06/2008
Posts: 905

Message Posted:
02/06/2011 09:17

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Message 4 of 8 in Discussion

Hi I see that HSBC has gone up to 2.60 again, maybe they put it down out of banking hours?



proger1



Joined: 18/04/2009
Posts: 2919

Message Posted:
02/06/2011 09:29

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Message 5 of 8 in Discussion

I am not certain how truthful the statement is as it was second hand information but I was informed that the banks will only change the rate they use at a certain time of the day, about 10am or so I was informed and as such the variations in the daily rate will not always reflect what you see at the bank.



I can't prove this, I only thought it might be worth further investigation if you think it might be of use to you. I believe the money exchanges will be different and might be an advantage to some people if that is the case.



ozankoys


Joined: 20/06/2008
Posts: 905

Message Posted:
02/06/2011 09:35

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Message 6 of 8 in Discussion

Hi I wanted to transfer online which is usually gives a better rate than the money exchanges thanks for the info everyone.



Geejay


Joined: 18/04/2009
Posts: 475

Message Posted:
02/06/2011 17:56

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Message 7 of 8 in Discussion

Our "local" Doviz in Alsanjack gave us 2.59Tl to this morning. Exchanges in Girne like Moonstar may well give a better rate than that but it may not be worth the journey.

Since it fluctates during the day one can never be sure what exchange rate one can get in advance. There is no such thing as a forecast, only opinions since the rate depends on many variables, mostly not apparent or not interpretable by the lay person.



eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
02/06/2011 18:55

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Message 8 of 8 in Discussion

Far to high at the moment....imo



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