foreign exchange report

Foreign Exchange (FX)

Prepared by :

Anjali Pinjani Aqsa Qamar Hina Kumari

Contents

INTRODUCTION................................................................................................3

Definition......................................................................................................3

FOREIGN EXCHANGE MARKET OVERVIEW.......................................................3

Characteristics of Foreign Exchange Market.................................................5

FOREIGN EXCHANGE RISKS.............................................................................6

Accounting Risk............................................................................................6

Transaction Risk............................................................................................6

Profitability Risk............................................................................................6

DETERMINANTS OF EXCHANGE RATE..............................................................6

Inflation.........................................................................................................6

Interest Rates...............................................................................................7

Current-Account Deficits...............................................................................7

PARTICIPANTS IN FOREIGN EXCHANGE MARKET..............................................7

Customers.....................................................................................................8

Commercial Banks..........................................................................................8

Exchange Brokers...........................................................................................8

Overseas Forex Market.................................................................................8

Speculators...................................................................................................9

ROLE OF SBP IN FOREIGN EXCHANGE MARKET...............................................9

To manage the exchange rate mechanism...................................................9

Regulate inter-bank Forex transactions......................................................10

Keep the exchange rate stable...................................................................10

Manage and maintain country's foreign exchange reserves......................10

FOREIGN EXCHANGE INSTRUMENTS..............................................................10

Spot............................................................................................................10

Forward.......................................................................................................10

Future.........................................................................................................11

Option.........................................................................................................11

FX MARKET PERFORMANCE IN PAKISTAN........................................................11

Highlights of Pakistan economic survey 2013-14.......................................11

FOREX TRADING MECHANISM.........................................................................14

TRADING TERMS............................................................................................15

Base/Quote Currency..................................................................................16

Pip...............................................................................................................16

Spread........................................................................................................16

Hedging......................................................................................................16

Lot...............................................................................................................16

Rollover/Swap.............................................................................................16

Leverage.....................................................................................................16

Long............................................................................................................16

Short...........................................................................................................16

Margin Call..................................................................................................17

FX USE IN BANK AL-HABIB:............................................................................17

RISK FACTORS................................................................................................17

INTRODUCTION

Definition

Foreign exchange is the mechanism by which the currency of one country gets converted into the

currency of another country.

The conversion of currency is done by the banks who deal in foreign exchange. These banks

maintain stocks of one currency in the form of balances with banks.

Foreign exchange markets help in:

Facilitating foreign trade

Companies which import or export the product and services need to change

foreign currency into domestic or domestic into foreign currency to avail the

services.

Facilitate raising capital in foreign exchange markets

By purchasing dollars through PKR an individual can invest in foreign security

or stock.

Facilitate transfer of risk between market participants

By fixing the rate of exchange for future transaction a participant can

decrease the risk that it could have faced by buying in future on future rate.

Facilitate speculation in currency values

Anyone interested in making profit by continuous rise and fall of currencies

can keep or sell currencies.

The primary purpose of foreign exchange markets is to assist international

trade and investment by allowing businesses to convert one currency in

another currency.

FOREIGN EXCHANGE MARKET OVERVIEW

In today’s world no economy is self sufficient, so there is need for exchange of goods and

services amongst the different countries. So in this global village, unlike in the primitive age the

exchange of goods and services is no longer carried out on barter basis. Every sovereign country

in the world has a currency that is legal tender in its territory and this currency does not act as

money outside its boundaries. So whenever a country buys or sells goods and services from or to

another country, the residents of two countries have to exchange currencies. So we can imagine

that if all countries have the same currency then there is no need for foreign exchange need for

Foreign Exchange. Let us consider a case where a Pakistani company exports cotton fabrics to

USA and invoices the goods in US dollar. The American importer will pay the amount in US

dollar, as the same is his home currency. However the Pakistani exporter requires rupees means

his home currency for procuring raw materials and for payment to the labor charges etc. Thus he

would need exchanging US dollar for rupee. If the exporters invoice their goods in rupees, then

importer in US will get his dollar converted in rupee and pay the exporter. From the above

example we can infer that in case goods are bought or sold outside the country, exchange

of currency is necessary.

Sometimes it also happens that the transactions between two countries will

be settled in the currency of third country. In that case both the countries

that are transacting will require converting their respective currencies in

the currency of third country. For that also the foreign exchange is required.

Particularly for foreign exchange market there is no market place called the

foreign exchange market. It is mechanism through which one country’s

currency can be exchange i.e. bought or sold for the currency of another

country. The foreign exchange market does not have any geographic

location. Foreign exchange market is describe as an OTC (over the

counter)market as there is no physical place where the participant meet to

execute the deals, as we see in the case of stock exchange.

The largest foreign exchange market is in London, followed by the New York,

Tokyo, Zurich and Frankfurt. The market is situated throughout the different

time zone of the globe in such a way that one market is closing the other is

beginning its operation. Therefore it is stated that foreign exchange market

is functioning throughout 24 hours a day.

Foreign exchange means foreign currency and includes:

All deposits, credits and balance payable in any foreign currency and

any draft, traveler’s cheques, letter of credit and bills of exchange.

Expressed or drawn in Pakistan’s currency but payable in any foreign

currency.

Any instrument payable, at the option of drawee or holder thereof or any

other party thereto, either in Pakistan currency or in foreign currency

or partly in one and partly in the other. In order to provide facilities to members

of the public and foreigners visiting Pakistan, for exchange of foreign

currency into Pakistan currency and vice-versa. SBP has granted to various

firms and individuals, license to undertake money-changing business at

seas/airport and tourism place of tourist interest. Besides certain authorized

dealers in foreign exchange (banks) have also been permitted to open

exchange bureaus.

Characteristics of Foreign Exchange Market

Foreign exchange market is the oldest and largest financial market in the

world having turnover of more than $3.98 trillion of turnover daily.

FX Has no central trading floor where buyers and sellers meet

Foreign exchange market has no single floor; rather it is an over the counter

market where deals are fixed on telecommunication network throughout the

world.

It is open twenty-four hours a day, except for short gaps on

weekends

It continues its operations twenty-four hours a day except the weekends i.e.

trading from 20:15 GMT on Sunday until 22:00 GMT Friday.

Global banks account for about two-thirds of the market

volume

Banks throughout the world account for two-third of the market volume

because majority of the foreign exchange transactions take place through

domestic and international banks when we talk about international. Brokers

and dealers only account for 20% of the volume.

FOREIGN EXCHANGE RISKS

Accounting Risk

Accounting risk arises from holding assets or liabilities in foreign currency. If

a Pakistani commercial banks hold $1000 of assets, and exchange rate is

$1=PKR 80. This means firm dollars of PKR 80,000. If, then, dollar

depreciates against PKR e.g. it becomes $1=75, bank’s asset would decrease

by [5*1000] PKR 5000.

Transaction Risk

When a firm or an individual engages in Export or Import contract involving credit extended for

any period of time. In this case, extension of credit will be measured in terms of single currency.

A firm or an individual who takes the responsibility of currency transaction incurs the transaction

risk e.g. in time of credit, foreign exchange rate may vary and can cause loss to any party. For

example, Textile mill in Pakistan ships fabric to US importer, under an agreement that payment

in dollars will be forthcoming in two weeks taking upon itself the responsibility of converting

dollars into PKR. During this two weeks extension to US importer, Pakistani firm can incur

transaction risk because PKR could appreciate against the PKR during the time; as a result

Pakistani firm can receive less in PKR.

Profitability Risk

A firm which has significant foreign dealings must take into account its

profitability risk, which is risk that its underlying profitability can be affected

by its foreign exchange transaction.

DETERMINANTS OF EXCHANGE RATE

The following are some of the principal determinants of the exchange rate

between two countries.

Inflation

Country with a constantly lower inflation rate exhibits a rising currency

value, as its purchasing power increases relative to other currencies.

Currently Pakistan is one of the countries having inflation rates and countries

like USA and Switzerland have maintained low inflation rates and high

exchange rates. Those countries with higher inflation typically see

depreciation in their currency in relation to the currencies of their trading

partners. Current inflation rate in Pakistan is 11% and is expected to increase

further.

Interest Rates

Interest rates, inflation and exchange rates are all highly correlated. By

manipulating interest rates, Central Bank exerts influence over both inflation

and exchange rates, and changing interest rates impact inflation and

currency values. Higher interest rates offer lenders in an economy a higher

return relative to other countries. Therefore, higher interest rates attract

foreign investors and cause the exchange rate to rise. The impact of higher

interest rates is diminishes, if inflation in the country is much higher than in

others, or if additional factors like political and economic, serve to drive the

currency down. The opposite relationship exists for decreasing interest

rates, which means lower interest rates tend to decrease exchange rates. In

Pakistan, prevailing interest rate is 12%, which may give rise to inflation in

the country, due to increased investments.

Current-Account Deficits

The current account is the balance of trade between a country and its

trading partners, reflecting all payments between countries for goods,

services, interest and dividends. A deficit in the current account shows the

country is spending more on foreign trade than it is earning, and that it is

borrowing funds from foreign sources to offset the deficit. The excess

demand for foreign currency lowers the country's exchange rate until

domestic goods and services are cheap enough for foreigners, and foreign

assets are too expensive to generate sales for domestic interests. Current

account deficit in Pakistan for 1st quarter of 2011 is $1.555 and this deficit is

expected increase further. This is most likely to be influenced by the

discount rate because discount rate has effect on inflation rate and inflation

rate will influence foreign exchange rate.

PARTICIPANTS IN FOREIGN EXCHANGE MARKET

The main players in foreign exchange market areas follow:

Customers

The customers who are engaged in foreign trade participate in foreign exchange market by

availing of the services of banks. Exporters require converting the dollars in to rupee and

importers require converting rupee in to the dollars, as they have to pay in dollars for the

goods/services they have imported.

Commercial Banks

They are most active players in the forex market. Commercial bank dealing with international

transaction offer services for conversion of one currency in to another. They have wide network

of branches. Typically banks buy foreign exchange from exporters and sells foreign exchange to

the importers of goods. As every time the foreign exchange bought or oversold position. The

balance amount is sold or bought from the market. Commercial banks (such as Deutsche Bank

and Barclays) provide liquidity to the Forex market due to the trading volume they handle every

day. Some of this trading represents foreign currency conversions on behalf of customers' needs

while some is carried out by the banks' proprietary trading desk for speculative purpose. A large

part of FX turnover is from banks. Large banks can literally trade billions of dollars daily. This

can take the form of a service to their customers or they themselves speculate on the FX market.

Large banks can trade billions of dollars daily. Central banks have biggest turnover that

exceeding hundreds of millions US dollars a day.

Exchange Brokers

Forex brokers play very important role in the foreign exchange market.

However the extent to which services of foreign brokers are utilized depends

on the tradition and practice prevailing at a particular forex market center..

The brokers are not among that allowed to deal in their own account all over

the world and also in Pakistan. They are agents that bring buyers and sellers

together to carry out conversion transactions. They charge for their work

either by adding a spread or taking commission fee for a lot traded. Daily

turnover of brokers is about 25- 30 Million of US dollars that makes 2% of all FX trading.

Overseas Forex Market

Today the daily global turnover is estimated to be more than US$ 4.9 trillion

a day. The international trade however constitutes hardly 5 to 7 % of

this total turnover. The rest of trading in world forex market is constituted of

financial transaction and speculation. As we know that the forex market is

24-hour market, the day begins with Tokyo and thereafter Singapore opens,

thereafter India, followed by Bahrain, Frankfurt, Paris, London, New York,

Sydney, and back to Tokyo.

Speculators

The speculators are the major players in the forex market.

Bank dealing are the major speculators in the forex market with a view to make profit on

account of favorable movement in exchange rate, take position i.e. if they feel that rate of

particular currency is likely to go up in short term. They buy that currency and sell it as

soon as they are able to make quick profit.

Corporation’s particularly multinational corporation and transnational corporation having

business operation beyond their national frontiers and on account of their cash flows

being large and in multi currencies get in to foreign exchange exposures. With a view to

make advantage of exchange rate movement in their favor they either delay covering

exposures or do not cover until cash flow materialize.

Individual like share dealing also undertake the activity of buying and selling of foreign

exchange for booking short term profits. They also buy foreign currency stocks, bonds

and other assets without covering the foreign exchange exposure risk. This also results in

speculations.

About 70% to 90% of the foreign exchange transactions conducted through hedgers and

speculators.

ROLE OF SBP IN FOREIGN EXCHANGE MARKET

To manage the exchange rate mechanism

SBP plays a major role in managing the exchange rates intervening at the

different steps.

Regulate inter-bank Forex transactions

SBP regulated the transaction of banks in foreign currencies. Disciplinary

arrangement for FX market i.e. Foreign Exchange exposure limit (FEEL)

implemented by the SBP had made the market more flexible and disciplined

to move within some range of banks paid up capital. Previously they were

10% of paid up capital, however recently they have been relaxed to 20%.

This has made the FX market to arrange their funds by using somewhat

wider space.

Keep the exchange rate stable

SBP sometimes stabilizes the foreign exchange rate in favor of the economy. For example, if the

currency is continuously depreciating, SBP might use its reserves to decrease the supply of

currency from market so that it appreciates in response to increased demand.

Manage and maintain country's foreign exchange reserves

SBP closely monitors the factors that affect the reserve, and from time to

time it keeps certain conditions in market, to manage and maintain the

reserve, which are kept in terms US dollars. To protect the reserves, SBP had

made it necessary that same amount of money going out of the country is

brought back in to country within few days.

FOREIGN EXCHANGE INSTRUMENTS

Spot

A spot describes the immediate delivery of the currency at prevailing rates.

These are usually used for immediate use of the foreign currency by local

citizens.

Forward

Forward transaction is good way to minimize foreign currency risk. In this

transaction, money does not actually change until some agreed upon future

date. A buyer and seller agree on an exchange rate for any date in the

future, and the transaction occurs on that date, regardless of what the

market rates are then. Usually time limit is decided by both the parties.

Future

Futures are standardized forward contracts, which mean that they are traded

on exchange through brokers. The average contract length is roughly 3

months. In Pakistan, investment in futures has increased. This investment is

done for different commodities and currency is one of them.

Option

A foreign exchange option (commonly shortened to just FX option) is a

derivative where the owner has the right but not the obligation to buy or sell

the currency at pre-agreed rate. The options market is the deepest, largest

and most liquid market for options of any kind in the world. There are two

types of options. In a Put option owner sells the currency whereas in Call

option owner of the option buys the currency from writer of the option at pre-

agreed rate. In Pakistan, Options are not allowed but in other countries there

is a huge business of options.

In April 2010, turnover of spot transactions was $1.5 trillion and $2.5 trillion

was traded in forwards, swaps and other derivatives.

FX MARKET PERFORMANCE IN PAKISTAN

Highlights of Pakistan economic survey 2013-14

Major success of the outgoing fiscal year includes: picking up economic

growth, inflation contained at single digit, improvement in tax collection,

reduction in fiscal deficit, auction of long pending 3G and 4G licenses;

foreign exchange reserves significantly raise, Rupee strengthened and

stock market created new history.

Current fiscal year witnessed significant improvement on account of

contained government borrowings, increase in foreign exchange

reserves and improvement in credit to private sector.

Net Foreign Assets improved and reached to Rs. 236.9 billion during

July-9th May, 2013-14 as compared to a net contraction of Rs. 181.4

billion last year.

Foreign investment during Jul-Apr, FY14, increased by 133.3 percent

compared to same period last year due to public investment in debt

securities comprising special US dollar bonds Euro bonds, T-bills and

PIBs.

Pakistan’s foreign exchange reserves improved substantially and

remained around $13.6 billion as on 21st May, 2014, an improvement

of more than 28 percent.

With increased external inflows, the government was able to reduce

the pressure on domestic resources while strengthening the foreign

exchange reserves vis-à-vis improving exchange rate parity which also

contributed towards reduction in public external debt.

Foreign exchange reserves and remittances were 45.59%,

6.97% and 3.92% respectively during 2007-2008.

Economic indicators from 1973-2008

The table summarizes the following:

Exports form the last 2 decades have been stable, not drastic change

in the numbers

Imports from the last 2 decades have fluctuated, increased in the later

years

Trade balance have fluctuated a lot, increased in the later years

Foreign exchange reserves increased substantially, but decreased in

2008

Table shows the increasing trend of foreign exchange turnover from the year 1988-2007.

FOREX TRADING MECHANISM

Although currency trading is very much like stock market, and other markets

it has some differences from them, some of the differences are going to be

explained briefly.

Banks and other financial institutions are known as the “market makers”

because they are the ones that pour billions of dollars in the market and

move it up or down. The benefit of the foreign exchange market is that is not

tied to one country’s economy, but it is a global market and that is why it is

very difficult for these “market makers” to manipulate the price in their

favor, this is one of the biggest markets in the world, having a volume of up

to 4 trillion dollars a day, which offers a lot of liquidity.

There are very few institutions with the buying (or selling) power to affect

the market. However, there are some “big players” that are in the market,

not necessarily to make money but to intervene if they feel the value of their

currency is affecting the local economy.

An example of this is the multiple Japanese interventions last year when the

yen was getting “too expensive” for their liking. Another intervention was the

Swiss Bank’s when they decided to peg their currency to the euro in an effort

to control their currency. Other participants are multinationals/corporations

that expand overseas who have to pay wages in different currencies. These

kinds of participants do not really care about making money in the market.

A very important factor that differs the foreign exchange market from other

markets is the risk. This is in most people’s opinion the riskiest trading one

can do because of several reasons.

One of them is that the leverage is greater here. While in the stock market

you may get 20:1 leverage, foreign exchange leverage may go up to 500:1

in some countries. This means bigger gains, however, if you do not know

what you are doing more likely than not your account will be wiped out in a

single trade. The volatility in the currency market is huge and the price may

swing violently, especially around news times, which is why people

recommend to only investing 10-20 percent of a portfolio in the currency

market.

Trading is not for the faint of heart, a trader must realize that this is not

certain science and that he will lose as well, the trick is to minimize those

losses, and maximize the winnings. Having said that, depending on your

objectives, there are various ways one can trade. One of 13 them is doing

technical analysis, reading the charts to forecast the direction of prices

through the study of past market data. Another form of trading is

fundamental analysis; in currency trading is analyzing the financial,

economic or political health of a particular country to determine the value of

their currency. In addition to the two different types of analysis, there are

also diverse styles of trading.

Day trading is one of them and this is what most people that trade for a

living and as a career do. This is trading for relatively short periods of time,

holding positions for several minutes to a couple of hours, in rare occasions

keeping positions open for more than a day.In this type of trading, it is better

to use technical analysis, because it can help you predict price direction

more accurately than fundamental analysis. Fundamental analysis is for long

term trading, companies placing probably one or two trades per year that

will yield them huge amounts of points. This works because although the

problems for a certain economy may be visible today, its effects may not be

seen weeks or months from now.

TRADING TERMS

For a better understanding of the Forex market a brief explanation on the

most commonly used terms in this market will be given.

Base/Quote Currency

This is the first currency written in a pair. For example, if the currency pair is

EUR/USD, the Euro would be the base currency and the US dollar would be

the quote currency.

Pip

A pip or basis point is the smallest measure of change in a currency. For

example, in the US based pairs it represents one hundredth (1/100) of a

cent.

Spread

The spread is the difference between the bid and ask. When you bid, you are

buying and when you ask you are selling. The bid price is always greater

than the ask price.

Hedging

Ability to hold both long and short positions at the same time.

Lot

Standard unit of a transaction. Usually, this is equal to 100,000 units of the

base currency. There is also a mini-lot = 10,000 units and a micro-lot =

1,000 units.

Rollover/Swap

If you keep a position open for more than one trading day, you would have to

pay/receive interest, depending on the currency pair you are trading. The

rollover price represents the interest rate difference for the two currencies

involved.

Leverage

The used of various financial instruments or borrowed capital, such as

margin, to increase the potential return of an investment.

Long

The buying of a security such as stock, commodity or currency, with the

expectation that the asset will rise in value.

Short

The sale of a borrowed security, commodity or currency with the expectation

that the asset will fall in value.

Margin Call

A broker’s demand on an investor using margin to deposit additional money

or securities so that the margin account is brought up to the minimum

maintenance margin. Margin calls occur when your account value depresses

to a value calculated by the broker’s particular formula. It is sometimes

called “fed call” or “maintenance call.”

FX USE IN BANK AL-HABIB:

The two main ways through which they use the FX in their business are:

Remittances: Buying or selling of currency to a customer for

encashment.

Trade Purposes: To facilitate the import and export.

o Cross Currency deals: These are directly between banks’ treasuries. It can be

overnight, forward, ready or spot.

o Dollar/PKR deals: these deals are directed through a broker who in return gets

commission. It can only be overnight or ready.

o SWAPS: It is a future commitment of buying or selling money.

o Borrowing and Placement deals:

o Investment in Foreign Bonds

o Investments in Nostro

RISK FACTORS

There are many risks associated with the FX trading some of them are listed

below:

Country Risk: The risk associated with the country in which

operations exist.

Exchange Rate Risk: The risk associated with the fluctuations in the

exchange rates of the currency.

Political Risk: The risk associated with the political situation of the

country.

Bank Rating Risk: The risk associated with the default risk of the

other bank which is the other party in the transaction.

Transaction Risk: The risk associated with the wrong or mistaken

transaction that leads to incredible high loss.

Market Risk: The risk associated with the market performance of the

country.

Customer Risk: The risk associated with the reputation of the

customer.

Opportunity Risk: The risk associated with the alternative options of

investment.

BANK AL HABIB LIMITED 19-Nov-14FLOATING RATES EXPORT DISCOUNT RATESSELLING COUNTRY BUYINGBUYING O/DUSD

RATE NAME RATE T/CHEQUESBILL 30DAYS 60DAYS 90DAYS 120DAYS 150DAYS 180DAYS101.8300 U.S.A. 101.6300 101.1029 L/C 100.2205 98.8338 97.5859 96.2921 95.0518 93.7570158.9210 U.K 158.6089 157.7723 NOT L/C 100.1340 98.6577 97.3252 95.9462 94.6203 93.236388.1950 AUSTRALIA 88.0217 87.5157 GBP89.8526 CANADA 89.6762 89.1999 BILL 30DAYS 60DAYS 90DAYS 120DAYS 150DAYS 180DAYS16.6424 CHINA 16.6097 16.5237 L/C 156.3710 154.1756 152.1874 150.1234 148.1515 146.095617.1218 DENMARK 17.0881 17.0010 NOT L/C 156.2362 153.9008 151.7807 149.5842 147.4788 145.284213.1310 HONGKONG 13.1052 13.0374 EURO0.8677 JAPAN 0.8660 0.8616 BILL 30DAYS 60DAYS 90DAYS 120DAYS 150DAYS 180DAYS

349.7510 KUWAIT 349.0641 347.3134 L/C 125.4941 123.7794 122.2445 120.6517 119.1232 117.525730.3246 MALAYSIA 30.2650 30.0910 NOT L/C 125.3858 123.5588 121.9178 120.2183 118.5824 116.873015.0763 NORWAY 15.0467 14.9656 JPY80.1097 NEWZEALAND 79.9523 79.4768 BILL 30DAYS 60DAYS 90DAYS 120DAYS 150DAYS 180DAYS127.4810 EURO 127.2306 126.5713 L/C 0.8542 0.8429 0.8326 0.8218 0.8116 0.800827.1406 SAUDI ARABIA 27.0872 26.9476 NOT L/C 0.8534 0.8414 0.8303 0.8189 0.8079 0.796478.2706 SINGAPORE 78.1168 77.7129 CAD13.7794 SWEDEN 13.7524 13.6818 BILL 30DAYS 60DAYS 90DAYS 120DAYS 150DAYS 180DAYS106.1116 SWITZERLAND 105.9032 105.3665 L/C 88.3691 87.0832 85.9192 84.7120 83.5584 82.358727.7236 U.A.E. 27.6691 27.5271 NOT L/C 88.2928 86.9280 85.6897 84.4078 83.1790 81.9012

FORWARD RATE SHEET CONVERSION RATES

EXPORT BOOKING The Conversion Rates

USD GBP JPY CHF EURO DKK CAD As on 19-Nov-141MONTH 101.79 158.82 0.8675 106.10 127.46 17.1184 89.75 --Frozen Foreign Currency Deposits

2MONTH 102.04 159.18 0.8703 106.41 127.79 17.1649 89.91 --DBC\FCBC3MONTH 102.34 159.60 0.8731 106.78 128.20 17.2214 90.10 --Special USD Bonds and4MONTH 102.63 160.00 0.8759 107.13 128.59 17.2755 90.29 --Profit on all the above

5MONTH 102.95 160.46 0.8790 107.51 129.02 17.3342 90.50 will be as under :6MONTH 103.30 160.97 0.8824 107.92 129.49 17.3979 90.74

USD 101.75930IMPORT BOOKING GBP 159.16180 USD GBP JPY CHF EURO DKK CAD EURO 127.127901MONTH 102.36 159.71 0.8724 106.69 128.17 17.2143 90.26 JPY 0.871202MONTH 102.61 160.07 0.8752 107.01 128.51 17.2608 90.413MONTH 102.92 160.51 0.8781 107.38 128.93 17.3190 90.62 LIBOR 0.325704MONTH 103.24 160.96 0.8811 107.77 129.36 17.3782 90.825MONTH 103.56 161.41 0.8842 108.15 129.79 17.4369 91.046MONTH 103.90 161.90 0.8875 108.55 130.24 17.4990 91.27

AUTHORISED SIGNATURE AUTHORISED SIGNATURENote: FOR TRANSACTION ABOVE $5000 OR EQUIVALENT, PLEASE TAKE THE RATES FROM TREASURY OTHERWISE THE TRANSACTION WILL NOT BE ACCEPTED

foreign exchange report

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