By zainab.joaque@awokonewspaper.sl
Freetown, SIERRA LEONE – The exchange rates for the Pound Sterling, Euro, and US Dollar against the Leone during the week of August 12, 2024, demonstrated notable fluctuations, reflecting evolving market dynamics and economic sentiment. Here’s a detailed analysis of these currency performances over the observed period:
Pound Sterling Performance
The buying rate for the Pound Sterling exhibited notable variability. On August 8 and August 12, the rate decreased, indicating a temporary dip in the Pound’s value against the Leone. However, a significant rebound occurred on August 9, with the rate rising by 0.14, suggesting renewed demand or positive sentiment toward the Pound.
Conversely, the selling rate generally trended upwards, especially on August 14 and August 16, peaking at 29.064. This increase reflects robust demand for the Pound in the market. The rise in the selling rate on August 14, which saw an increase of 0.11, implies that sellers commanded higher prices due to either increased demand or market speculation.
Overall Trend
Throughout the week, the buying rates showed fluctuations but ended slightly lower on August 16 compared to the previous day. In contrast, the selling rates consistently increased, reaching their highest point on August 16.
Euro Performance
The buying rate for the Euro also demonstrated variability. On August 8 and August 12, the rate dipped slightly, indicating a temporary decline in the Euro’s value against the Leone. A notable increase occurred on August 14, with a rise of 0.24, reflecting a surge in demand or favourable sentiment toward the Euro.
The selling rate showed a more consistent upward trend, particularly on August 14, when it reached 24.8601. This increase, up by 0.23, suggests strong demand for the Euro, possibly driven by positive economic conditions in the Eurozone.
Overall Trend
The buying rates fluctuated but ended lower on August 16 compared to the previous day. Meanwhile, the selling rates displayed a slight decline but remained higher than earlier in the week.
US Dollar Performance
The buying rate for the US Dollar displayed a downward trend for most of the observed period. From August 7 to August 13, the rate fell from 22.412 to 22.3233, indicating a weakening of the Dollar against the Leone. Although a slight recovery was observed on August 14, with a minor increase of 0.01, the rate remained lower than at the beginning of the period.
The selling rate followed a similar pattern, decreasing from 22.6373 on August 7 to 22.5477 on August 13. This decline indicates that sellers were receiving less for the Dollar as the week progressed. A minor uptick on August 14, with an increase of 0.01, suggested temporary stabilization, but the rate fell again on August 16, closing at 22.5477.
Overall Trend
Overall, both buying and selling rates for the US Dollar showed a weakening trend against the Leone during the observed period. The Dollar’s value fluctuated but generally trended downward, reflecting potential shifts in market sentiment or economic conditions.
This analysis highlights the significant fluctuations in the exchange rates of the Pound Sterling, Euro, and US Dollar against the Leone in August 2024, influenced by market dynamics and evolving economic sentiments. The Pound and Euro experienced periods of increased demand, while the US Dollar faced a general decline in value. ZIJ/19/8/2024
