2024-04-23 Guyana Dollar News

Summary of Last Month

  • Opening:
  • Closing:
  • Difference of Opening & Closing:
  • Daily High:
  • Daily Low:
  • Difference of Daily High & Low:

Statistical Measures

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  • Standard Deviation:

Trend

1. Overall Trend of Exchange Rates

From the initial analysis of the dataset, it is determined that the exchange rate of GYD appears to be relatively stable throughout the period under consideration. Initially, GYD starts at a rate of 0.00657, fluctuate to 0.00656, 0.00655, and 0.00654, and finally reaching 0.00655. These fluctuations (both increases and decreases) are minor, and the exchange rate consistently hovers around 0.0065, indicating a relatively stable trend without any dramatic increase or decrease in the exchange rates throughout the time span provided in the dataset.

2. Seasonality or Recurring Patterns of the Exchange Rates

At an initial glance, there doesn't seem to be a noticeable seasonality or reoccurring pattern in the exchange rate data. The exchange rate values primarily teeter between 0.00657 to 0.00654, and the changes between them are gradual and appear to be random rather than following a specific, recurring pattern. Therefore, it can be inferred that the dataset does not exhibit a clear cyclical trend or seasonality based on the timeseries data provided.

3. Identification of Any Outliers

Given that the variation range of the GYD exchange rate is very small (between 0.00654 and 0.00657), it does not appear to have any significant outliers in this dataset. An outlier would be represented by a rate that substantially deviates from this range, and nothing of that sort is evident in this data. Since the data consistently remains within this tight range, we can infer that the rates are following a normal pattern without any significant anomalies or outliers.

> In a relatively stable financial market, the Guyanese Dollar (GYD) exchange rates have shown minor fluctuations, according to recent time-series data analysis of April 22, 2024. From the stroke of midnight to the end of the day, the exchange rates demonstrated nominal variations, indicating a stable financial environment for the traders. As per the data, the GYD has persistently hovered around a value of 0.00655 for the majority of the day. However, the financial instrument did witness a slight decline till 0.00654 during mid-day, only to regain its original position by the end of the trading day. Such minor fluctuations showcased the resilient nature of the GYD, being able to maintain stability amidst any unsuspected market movements. The steady performance of GYD highlights the strengthening condition of the Guyanese economy. Maintaining a consistent currency value contributes towards economic stability, encouraging foreign investments and bolstering intrinsic business confidence. Therefore, the provided data outlines significant implications for various market sectors, especially for those involved in international trade and foreign investments. Apart from encouraging investment and trade, the stability is also a testimonial to effective government policy and central bank behavior. It depicts their success in managing inflation, one of the critical factors that often lead to currency value fluctuations. The steady rates are a reflection of controlled inflation, a conducive interest rate environment, and competitive market conditions within the country. The future trajectory for the GYD, considering current consistency, seemingly appears bright. Financial experts and currency traders will be closely observing the performance over the upcoming weeks to detect any patterns or valuable insights. While, the minor dip in the exchange rate mid-day could reveal some short-term trading opportunities for day traders, its consistent quick recovery portrays reliable medium to long-term investment prospects. Speaking from the standpoint of economic outlook, maintaining this steadiness is crucial for Guyana''s progress. With the world still recuperating from past financial crises, a solid economy reflected through a stable currency could position Guyana as a desirable destination for international investors. As we look forward, the continued stability of the GYD is expected to give more credibility to Guyana''s robust economic policies and enhance its standing on the global stage. However, the vigilant monitoring of market dynamics and a proactive approach to any changes will be crucial. For keen market watchers and potential investors, the GYD''s resilience should be a focal point in gauging Guyana''s economic health moving forward.Steady GYD Exchange Rates Witness Minor Fluctuations

Current Middle Market Exchange Rate

For information purposes only.