The foreign exchange rate began to rise again yesterday. Listin Diario reports increases of 80 and 85 cents for the US dollar which closed at RD$34.50 as compared to the closing on Tuesday which was between RD$33.65 and RD$33.70 for sale. Exchange agents were selling the dollar at RD$34.30 and RD$34.50 and were purchasing at RD$33.90. Commercial banks were selling at RD$33.63 and up to RD$33.70 per one US dollar and were purchasing between RD$33.46 and RD$33.80 to one. The increase has been explained as the result of an extraordinary increase in demand and a reduction in the offer of the currency. Last October, the currency remained within the range of RD$32.00 and RD$33.00. The Euro was being sold yesterday between RD$40.25 and RD$41.00 and being purchased at RD$38.25 and RD$38.50 at exchange agents.
El Caribe reports that the trend towards an increase began last Tuesday and agrees it is due to an increase in demand and a decline of the offer. According to the Central Bank’s International Department, the average price of the US currency in commercial banks was RD$34.12 for sale and RD$33.92 for purchasing. From January to October the currency has averaged between RD$29.83 and RD$32.78, according to the Central Bank. Monetary authorities continue to insist that there are no real reasons for an increase in the foreign exchange rate.
Clave Digital informs that according to the Central Bank poll that is held every day between 10:30 am and 12:00 noon, the pondered average of the selling price was RD$34.13 to US$1.00 in commercial banks whereas it was RD$33.92 at the exchange agents. These selling prices reported by the Central Bank are the highest since 30 September 2004, which indicates that yesterday’s were record rates for the past 14 months.